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NYMEX RBOB (V20): Extends Recent Gains

OIL TECHS
  • RES 4: $1.3082 - 1.00 proj of Jul 30 - Aug 25 rally from Sep 11 low
  • RES 3: $1.3000 - Round number resistance
  • RES 2: $1.2941 - High Aug 25 and the bull trigger
  • RES 1: $1.2765 - High Aug 27
  • PRICE: $1.2445 @ 07:32 BST Sep 29
  • SUP 1: $1.1521 - Low Sep 22 and the near-term bear trigger
  • SUP 2: $1.1292 - Low Sep 16
  • SUP 3: $1.1004 - Low Sep 15
  • SUP 4: $1.0755 - Low Sep 11 and the reversal trigger

RBOB has started the week on a firm note rallying sharply higher yesterday and breaching initial resistance at $1.2382, Sep 18 high. The climb has exposed key resistance at $1.2941, Aug 25 high where a break would confirm a resumption of the uptrend that has been in place since Apr 22. Key near-term support has been defined at $1.1521, Sep 22 low. A break of this level would reinstate a bearish focus.

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