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

OIL TECHS
OIL TECHS: NYMEX RBOB (M20): Bullish Cycle Remains Intact
*RES 4: $1.1417 - 2.000 projection of Mar 23 - Apr 9 rally from Apr 22 low
*RES 3: $1.1356 - High Mar 12
*RES 2: $1.1000 - Round number resistance
*RES 1: $1.0888 - High May 20
*PRICE: $1.0618 @ 07:00 BST May 21
*SUP 1: $1.0225 - Low May 19
*SUP 2: $0.9682 - Low May 18
*SUP 3: $0.9165 - Low May 15
*SUP 4: $0.8272 - High Apr 9 and former breakout level
RBOB futures maintain a bullish tone having 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 signalled scope for a stronger
corrective recovery. This week, price traded through the psychological $1.000
level further reinforcing the current bullish wave. Attention is on $1.1000
next, a round number resistance. Initial support lies at $1.0225.

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