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NYMEX RBOB (V20): Inside Week's Range

OIL TECHS
  • 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: $1.1873 @ 08:13 BST Aug 14
  • 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 late June earlier in the week, but has failed to hold on to gains. The failure of markets to build on these gains has put the brakes on a bullish breakout for now. Markets need to take out the Jun 23 high to change the near-term outlook more substantially and open 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.

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