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OIL TECHS: NYMEX RBOB (N20): Needle Still Points North
*RES 4: $1.1592 - 1.764 projection of Apr 2 - Apr 9 rally from Apr 22 low
*RES 3: $1.1356 - High Mar 12
*RES 2: $1.1000 - Round number resistance
*RES 1: $1.0999 - High May 20 and bull trigger
*PRICE: $1.0168 @ 07:15 BST May 29
*SUP 1: $0.9881 - High May 11
*SUP 2: $0.9741 - 50-day EMA
*SUP 3: $0.9679 - 20-day EMA
*SUP 4: $0.9363 - Low May 15
RBOB futures maintain a bullish tone. On May 5 the contract traded through key
resistance at $0.9008, Apr 2 high. The break higher confirmed a short-term
reversal and signalled scope for a stronger corrective recovery. Last week,
price traded through the psychological $1.000 level further reinforcing the
current bullish wave. Attention is on $1.1000 next, a round number resistance
and $1.1323, Mar 12 high. Initial support is at $0.9881, May 11 high.