Free Trial

NYMEX RBOB (V19): Trendline holding for...>

OIL TECHS
MNI (London)
OIL TECHS: NYMEX RBOB (V19): Trendline holding for now  
*RES 4: $1.6141 - High Aug 5 
*RES 3: $1.5979 - High Aug 13 and directional trigger
*RES 2: $1.5828/5872 - High Aug 29 / 50-day EMA
*RES 1: $1.5633/5776 - Trendline resistance drawn off Jul 11 high / High Sep 5
*PRICE: $1.5480 @ 07:04 BST Sep 6
*SUP 1: $1.5214 Low Sep 5
*SUP 2: $1.4667 Low Sep 4
*SUP 3: $1.4475 - Low Sep 3
*SUP 4: $1.4214 - 1.618 projection of Jul 11 - Jul 18 decline from Jul 31 high
RBOB rallied yesterday, but failed to hold onto the days high. Wednesday's
candle pattern is a bullish engulfing and a warning sign to bears. However,
trendline resistance drawn off the Jul 11 high, although probed yesterday,
remains intact at $1.5633. Furthermore, the key band of resistance between
$1.5828 - $1.5979 representing the 50-day EMA and Aug 13/21 highs also remains
intact. Clearance of these levels is needed to signal a reversal. 

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.