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NYMEX RBOB (Q20): Key Resistance Remains Intact

OIL TECHS


  • 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: $1.2363 @ 07:37 BST Jul 30
  • SUP 1: $1.1949/39 - 50-day EMA / Low Jul 17
  • 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.

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