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NYMEX RBOB (V20): Bounces Off Recent Lows

OIL TECHS
  • RES 4: $1.2941 - High Aug 25 and the bull trigger
  • RES 3: $1.2425 - 76.4% retracement of the Aug 25 - Sep 112 sell-off
  • RES 2: $1.2106 - 61.8% retracement of the Aug 25 - Sep 112 sell-off
  • RES 1: $1.1990 - High Sep 16
  • PRICE: $1.1751 @ 07:39 BST Sep 17
  • SUP 1: $1.1292 - Low Sep 16
  • SUP 2: $1.0755 - Low Sep 11
  • SUP 3: $1.0614 - Low Jul 30 and a reversal trigger
  • SUP 4: $1.0441 - Low Jun 29 and a key support

RBOB futures maintain this week's recovery and extended gains yesterday. The move higher has seen price trade through the 20-day and 50-day Emas. A continued erosion of these indicators would strengthen a S/T bullish tone. This would pave the way for strength towards $1.2106 and $1.2425, both Fibonacci retracement levels. On the downside, key support has been defined at $1.0755, Sep 11 low. A break would resume bearish pressure.

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