Free Trial

NYMEX RBOB: (K18) Hesitating Around.......>

OIL TECHS
OIL TECHS: NYMEX RBOB: (K18) Hesitating Around 55-DMA
*RES 4: $2.0237 - High Feb 26
*RES 3: $2.0148 - Bollinger band top
*RES 2: $2.0078 - Daily Bear channel top off Jan high
*RES 1: $1.9856 - 55-DMA
*PRICE: $1.9819 @ 0430GMT
*SUP 1: $1.9650 - High Mar 16 now support
*SUP 2: $1.9321 - Low Mar 19
*SUP 3: $1.9199 - Low Mar 16
*SUP 4: $1.8965 - Low Mar 14
*COMMENTARY: The close above $1.9650 confirmed a break of the 100-DMA although
hesitation around the 55-DMA is less than ideal. Bulls now look for a close
above $2.0237 to confirm a break of the bear channel top and shift focus to
$2.1012 2018 highs. The $1.9650 support is now key. Bears need a close below
this level to ease pressure on the 55-DMA and below $1.9199 to shift focus back
to $1.8484-1.8719.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.