NYMEX RBOB (V20): Inside Tuesday's Range

• RES 4: $1.3914 - High Mar 3
• RES 3: $1.2942 - High Mar 6
• RES 2: $1.2122 - High Jun 23 and key resistance
• RES 1: $1.1974 - High Aug 11
• PRICE: $1.1792 @ 07:11 BST Aug 13
• SUP 1: $1.1328 - Low Aug 7
• SUP 2: $1.0614 - Low Jul 30
• SUP 3: $1.0441 - Low Jun 29 and a reversal trigger
• SUP 4: $1.0178 - Low Jun 12

RBOB futures hit their highest level since Jun 23 on Tuesday but on the day failed to hold on to gains. Yesterday saw gasoil trade inside Tuesday's range, applying pressure to the $1.1974 high seen the previous day. However, the failure to build on these gains yesterday has seemingly put the breaks on a bullish takeover. The Jun 23 high is required to change the near-term outlook more substantially and open up the potential for moves to reverse the big losses of early March. To the downside, a break of the Jul 30 low of 1.0614 would set the scene for a deeper pullback and open 1.0441, Jun 29 low and a key reversal trigger.