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NYMEX RBOB (M20): Holding Onto Gains *RES 4:....>

OIL
OIL: NYMEX RBOB (M20): Holding Onto Gains
*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: $0.9857 -1.50 projection of Mar 23 - Apr 9 rally from Apr 22 low
*RES 1: $0.9654 - Intraday high
*PRICE: $0.9568 @ 07:23 BST May 11
*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 last week traded through key resistance at $0.8272, Apr 9 high. The
break higher confirmed a short-term reversal of this year's strong sell-off and
at the very least signals scope for a stronger near term corrective recovery.
Futures have traded above a recent key resistance area at $0.9230, the 50-day
EMA. The break would pave the way for an extension and expose the psychological
$1.000 level. $0.8272 is firm support.

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