Free Trial

NYMEX RBOB (U19): Neutral for now *RES....>

OIL TECHS
OIL TECHS: NYMEX RBOB (U19): Neutral for now
*RES 4: $1.7760 - Trendline resistance drawn off the Jul 11 high
*RES 3: $1.7623/7736 - 50-day EMA / Low Jul 18
*RES 2: $1.7456 - High Aug 13 and directional trigger
*RES 1: $1.6900 - Intraday high
*PRICE: $1.6882 @ 06:36 BST Aug 21
*SUP 1: $1.6303 - Low Aug 15
*SUP 2: $1.6111 - Low Aug 7 and key support
*SUP 3: $1.6062 - Low Jun 5
*SUP 4: $1.5794 - 1.00 projection of Apr 22-Jun 5 decline off Jul 11 high
RBOB key directional parameters have been identified at $1.6111-1.7456 with a
more neutral tone still in place for now. For bulls, a break of 1.7456, the Aug
13 high would be encouraging. This would signal scope for a stronger recovery
and open $1.7623 initially, the 50-day EMA and trendline resistance at $1.7760,
drawn off the Jul 11 high. Failure to hold above support at $.6111 would confirm
a resumption of the downtrend opening $1.6062 and $1.5794.

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.