NYMEX RBOB (V20): Corrective Pullback

• 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: $1.1967 @ 08:02 BST Sep 3
• SUP 1: $1.1840 - Low Aug 20 and key support
• SUP 2: $1.1652 - 50-day EMA
• SUP 3: $1.1328 - Low Aug 7
• SUP 4: $1.0614 - Low Jul 30 and a reversal trigger

RBOB futures remain in an uptrend although a corrective pullback this week has seen price move further away from the 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. On the downside, the first key support to watch lies at $1.1840, Aug 20 low.