NYMEX RBOB (V20): Correcting Lower

• 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: $1.2584/2941 - High Aug 31 / High Aug 25 and the bull trigger
• PRICE: $1.1613 @ 07:56 BST Sep 7
• SUP 1: $1.1328 - Low Aug 7
• SUP 2: $1.0614 - Low Jul 30 and a reversal trigger
• SUP 3: $1.0441 - Low Jun 29 and a key support
• SUP 4: $1.0178 - Low Jun 12

RBOB futures remain in an uptrend although a corrective pullback that has unfolded recently remains in place for now. Recent gains to $1.2941, Aug 25 high brought to an end a lengthy period of consolidation and has opened $1.3000. A break of $1.2941 would reinforce bullish conditions and confirm an extension of the bullish price sequence of higher highs and higher lows. Further weakness however would expose major support at $1.0614.