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NYMEX RBOB (U20): Tepid Bounce

OIL TECHS
  • RES 4: $1.4000 - Round number resistance
  • RES 3: $1.3161 - High Mar 9
  • RES 2: $1.3090 - High Jun 23 and key resistance
  • RES 1: $1.2774 - High Jul 23
  • PRICE: $1.2269 @ 08:25 BST Aug 7
  • SUP 1: $1.1342 - Low Jul 30
  • SUP 2: $1.1099 - Low Jun 29 and a reversal trigger
  • SUP 3: $1.0943 - Low Jun 12
  • SUP 4: $1.0636 - Low Jun 1

RBOB futures remain below key resistance of $1.3090, Jun 23 high. The sharp sell-off at the tail-end of last week reinforces the developing bearish threat, but price action Wednesday built further on Monday's rally. A break of resistance at $1.2774, Jul 23 high is required to ease bearish concerns and open $1.3090. To the downside, a break of $1.1342 would set the scene for a deeper pullback and open $1.1099, Jun 29 low and a key reversal trigger.

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