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Free AccessNYMEX RBOB: (N18) Aggressive Recovery.....>
OIL TECHS: NYMEX RBOB: (N18) Aggressive Recovery Wednesday
*RES 4: $2.2975 - Low Oct 8 2014 now resistance
*RES 3: $2.2804 - 2018 High May 22
*RES 2: $2.2666 - Hourly resistance May 22
*RES 1: $2.2572 - High May 23
*PRICE: $2.2472 @ 0430GMT
*SUP 1: $2.2195 - Low May 23
*SUP 2: $2.1871 - Low May 15
*SUP 3: $2.1742 - 21-DMA
*SUP 4: $2.1585 - Low May 10
*COMMENTARY: Bulls take comfort in support emerging Wednesday and the aggressive
recovery that adds to bullish support for a case targeting $2.2975-2.4311. Bulls
now need a close above $2.2804 to add further to confidence. Bears now need a
close below $1.2195 to ease bullish pressure and hint at a correction back to
$2.1434-1742 where the 21-DMA is found.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.