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

OIL TECHS
OIL TECHS: NYMEX RBOB (M20): Bullish Wave Intact
*RES 4: $1.1000 - Round number resistance
*RES 3: $1.0689 - 1.764 projection of Mar 23 - Apr 9 rally from Apr 22 low
*RES 2: $1.0449 - High Mar 13
*RES 1: $1.0239 - 1.618 projection of Mar 23 - Apr 9 rally from Apr 22 low
*PRICE: $1.0016 @ 07:21 BST May 18
*SUP 1: $0.9165 - Low May 15
*SUP 2: $0.8272 - High Apr 9 and former breakout level
*SUP 3: $0.7408 - Low May 4
*SUP 4: $0.7119 - Low Apr 29
RBOB futures maintain a bullish tone and have 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 at the very least signals scope
for a stronger correction. Today, price is through the psychological $1.000
level further reinforcing the current bullish wave. Attention is on $1.0239
next, a Fibonacci extension. Initial support lies at $0.9165.

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