NYMEX RBOB (Q20): Key Resistance Remains Intact

• RES 4: $1.3744 - 2.618 proj of Mar 23 - Apr 9 rally from Apr 22 low
• RES 3: $1.3403 - 2.50 proj of Mar 23 - Apr 9 rally from Apr 22 low
• RES 2: $1.3253 - High Jun 23 and key resistance
• RES 1: $1.2994/3048 - High Jul 23 / High Jun 24
• PRICE: $1.2618 @ 08:42 BST Jul 29
• SUP 1: $1.1939/30 - Low Jul 17 / 50-day EMA
• SUP 2: $1.1800 - Low Jun 30
• SUP 3: $1.1128 - Low Jun 29
• SUP 4: $1.0916 - Low Jun 12 and the trend reversal trigger

RBOB futures continue to trade below the key resistance of $1.3253, Jun
23 high. The sharp pullback from $1.3253, between Jun 23 - 29 marked a
failure to extend gains beyond $1.2571, Jun 8 high. This highlights a
bearish risk with attention on $1.0916, Jun 12 low. A break would confirm
a reversal. The initial key bear trigger is $1.1128, Jun 29 low. Clearance
of $1.3253 would instead resume the uptrend that started in April.