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NYMEX RBOB (Q20): Still Trading Below.....>
OIL TECHS: NYMEX RBOB (Q20): Still Trading Below Key Resistance
*RES 4: $1.3744 - 2.618 projection of Mar 23 - Apr 9 rally from Apr 22 low
*RES 3: $1.3403 - 2.50 projection of Mar 23 - Apr 9 rally from Apr 22 low
*RES 2: $1.3253 - High Jun 23 and key resistance
*RES 1: $1.2974/3048 - High Jul 8 / High Jun 24
*PRICE: $1.2601 @ 08:25 BST Jul 13
*SUP 1: $1.2245 - Low Jul 10
*SUP 2: $1.1920 - Low Jul 1
*SUP 3: $1.1457/1128 - 50-day EMA / Low Jun 29
*SUP 4: $1.0916 - Low Jun 12 and the bear trigger
RBOB futures found resistance last week at 1.2794 high leaving the key hurdle at
$1.3253 Jun 23 high intact. The sharp pullback from this level, between Jun 23 -
29. marked a failure to extend gains beyond $1.2571, Jun 8 high. This continues
to highlight a bearish risk and despite recent gains, attention is on $1.0916,
Jun 12 low. A break would confirm a reversal. The initial bear trigger is at
$1.1128, Jun 29 low. Clearance of $1.3253 would resume the uptrend.
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