Free Trial

NYMEX RBOB (N20): Bearish Risk Still......>

OIL TECHS
OIL TECHS: NYMEX RBOB (N20): Bearish Risk Still Present
*RES 4: $1.3072 - High Mar 9 and gap low on the daily chart
*RES 3: $1.2444/2528 - High Jun 8 / 50.0% of the Jan - Mar sell-off
*RES 2: $1.2038 - High Jun 11
*RES 1: $1.1950 - Former trendline support drawn off the Apr 22 low
*PRICE: $1.1690 @ 07:04 BST Jun 16
*SUP 1: $1.0741 - Low Jun 12
*SUP 2: $1.0414 - 50-day EMA
*SUP 3: $0.9891 - Low May 28
*SUP 4: $0.9363 - Low May 15
RBOB futures remain weak despite the recent recovery. Price last week cleared
trendline support drawn off the Apr 22 low. This signals a developing bearish
threat and a potential S/T reversal. Furthermore, trend conditions entered
overbought territory recently and the pullback is allowing this to unwind.
Deeper losses would expose $1.0414, the 50-day EMA and $0.9891, May 28 low.
$1.1950, the former trendline support marks the initial firm resistance.

To read the full story

Close

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.