Free Trial

NYMEX RBOB (V20): Bullish Structure Still Intact

OIL TECHS
  • RES 4: $1.3357 - 1.500 projection of Jun 12 -23 rally from Jun 29 low
  • RES 3: $1.3128 - 1.382 projection of Jun 12 -23 rally from Jun 29 low
  • RES 2: $1.3000 - Round number resistance
  • RES 1: $1.2941 - High Aug 25
  • PRICE: $1.2667 @ 07:54 BST Aug 27
  • SUP 1: $1.2173 - Low Aug 24
  • SUP 2: $1.1840 - Low Aug 20 and key support
  • SUP 3: $1.1328 - Low Aug 7
  • SUP 4: $1.0614 - Low Jul 30 and a reversal trigger

RBOB futures remain in an uptrend despite yesterday's pullback. This week, the contract resumed the bull run. Recent gains have also brought to an end a lengthy period of consolidation and this has opened the 1.3000 handle. Note the uptrend is also reinforced by the continued existence of the bullish price sequence of higher highs and higher lows. Beyond $1.3000, scope is for gains towards $1.3128, a Fibonacci projection. Key support is at $1.1840.

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.