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NYMEX RBOB (M20): Bullish Cycle Intact....>

OIL TECHS
OIL TECHS: NYMEX RBOB (M20): Bullish Cycle Intact
*RES 4: $1.1000 - Round number resistance
*RES 3: $1.0757 - 38.2% retracement of the Jan 8 - Mar 23 sell-off
*RES 2: $1.0689 - 1.764 projection of Mar 23 - Apr 9 rally from Apr 22 low
*RES 1: $1.0588 - High May 18
*PRICE: $1.0302 @ 07:58 BST May 19
*SUP 1: $0.9682 - Low May 18
*SUP 2: $0.9165 - Low May 15
*SUP 3: $0.8272 - High Apr 9 and former breakout level
*SUP 4: $0.7408 - Low May 4
RBOB futures maintain a bullish tone and started the week on a firm note. On May
5 the contract traded through key resistance at $0.8272, Apr 9 high. The break
higher confirmed a short-term reversal and signals scope for a stronger
corrective recovery. Today, price traded through the psychological $1.000 level
further reinforcing the current bullish wave. Attention is on $1.0757 next, a
Fibonacci retracement. Initial support lies at $0.9682.

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