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NYMEX RBOB (V20): Corrective Pullback

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: $1.2765/2941 - High Aug 28 / High Aug 25
  • PRICE: $1.2553 @ 07:28 BST Aug 31
  • SUP 1: $1.1989 - Low Aug 278
  • 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 with the focus on last week's high of $1.2941, Aug 25 high. Recent gains brought to an end a lengthy period of consolidation and this 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. Beyond $1.3000, scope is for $1.3128, a Fibonacci projection. Key support is at $1.1840.

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