Trial now
OIL TECHS
OIL TECHS: NYMEX RBOB (U19): Scope seen for further gains
*RES 4: $180.07 - High Aug 2
*RES 3: $1.7819 - 50-day EMA
*RES 2: $1.7736 - Low Jul 18
*RES 1: $1.7456 - High Aug 13
*PRICE: $1.7220 @ 07:22 BST Aug 14
*SUP 1: $1.6522 - Low Aug 13
*SUP 2: $1.6359 - Low Aug 8
*SUP 3: $1.6111 - Low Aug 7
*SUP 4: $1.6062 - Low Jun 5
RBOB found support just ahead of the Jun lows last Wednesday and rallied sharply
yesterday, breaking through resistance at $1.6895 and the $1.7000 level. The
strong bounce neutralises the recent bearish theme and the focus turns to the
50-day EMA at $1.7818. A break above yesterday's high of $1.7456 would open this
MA where a clear breach is required to encourage bulls further. On the downside,
support lies at $1.6522.