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NYMEX RBOB (V20): Corrective Pullback Extends

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: $1.2584/2941 - High Aug 31 / High Aug 25 and the bull trigger
  • PRICE: $1.2013 @ 07:48 BST Sep 4
  • SUP 1: $1.1668 - 50-day EMA
  • SUP 2: $1.1328 - Low Aug 7
  • SUP 3: $1.0614 - Low Jul 30 and a reversal trigger
  • SUP 4: $1.0441 - Low Jun 29 and a key support

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. The next key support to watch lies at $1.1668, the 50-day EMA.

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