Free Trial

NYMEX RBOB (V20): Holds Above Recent Lows

OIL TECHS
  • RES 4: $1.2941 - High Aug 25 and the bull trigger
  • RES 3: $1.2584 - High Aug 31
  • RES 2: $1.2126 - High Sep 3
  • RES 1: $1.1735 - High Sep 8
  • PRICE: $1.1481 @ 07:40 BST Sep 16
  • SUP 1: $1.0755 - Low Sep 11
  • SUP 2: $1.0614 - Low Jul 30 and a reversal trigger
  • SUP 3: $1.0441 - Low Jun 29 and a key support
  • SUP 4: $1.0290 - 38.2% retracement of the Apr - Aug rally

RBOB futures remain in an uptrend although a corrective pullback that has unfolded recently remains in place for now. Last week's move lower keeps attention on key support at $1.0614, Jul 30 low and a key reversal trigger. A break would set the scene for a deeper decline and open $1.0441, Jun 29 low and $1.0290, 38.2% of the entire Apr - Aug rally. On the upside, initial firm resistance to watch is at $1.1735, Sep 8 high.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.