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NYMEX RBOB (V20): Extends This Week's Rally

OIL TECHS
  • RES 4: $1.3000 - Round number resistance
  • RES 3: $1.2941 - High Aug 25 and the bull trigger
  • RES 2: $1.2765 - High Aug 27
  • RES 1: $1.2425 - 76.4% retracement of the Aug 25 - Sep 112 sell-off
  • PRICE: $1.2321 @ 07:46 BST Sep 18
  • SUP 1: $1.1732 - Low Sep 17
  • SUP 2: $1.1292 - Low Sep 16
  • SUP 3: $1.0755 - Low Sep 11
  • SUP 4: $1.0614 - Low Jul 30 and a reversal trigger

RBOB futures continue to trade higher. The contract has rebounded sharply off the Sep 11 low of $1.0755 and has cleared a number of resistance points. Furthermore, price has also cleared the 50-day EMA. The focus is on $1.2425, a Fibonacci retracement level where a break would expose the key resistance at $1.2941, Aug 25 high and the bull trigger. On the downside, support is at $1.1732, yesterday's low.

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