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NYMEX RBOB (M20): Corrective Pullback.....>

OIL TECHS
OIL TECHS: NYMEX RBOB (M20): Corrective Pullback
*RES 4: $1.0239 - 1.618 projection of Mar 23 - Apr 9 rally from Apr 22 low
*RES 3: $1.0000 - Psychological round number
*RES 2: $0.9820 - High May 11
*RES 1: $0.9452 - High May 12
*PRICE: $0.8910 @ 07:19 BST May 13
*SUP 1: $0.8704 - Low May 7
*SUP 2: $0.8272 - High Apr 9 and former breakout level
*SUP 3: $0.7408 - Low May 4
*SUP 4: $0.6519 - Low Apr 24
RBOB futures maintain a bullish tone despite this week's pullback. Last week the
contract traded through key resistance at $0.8272, Apr 9 high. The break higher
confirmed a S/T reversal and at the very least signals scope for a stronger
correction. Futures have also traded above a recent key resistance area
highlighted by the 50-day EMA. The break paves the way for an extension towards
the psychological $1.000 level. $0.8272 is firm support.

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