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NYMEX RBOB (V20): Rallying Once Again

OIL TECHS


  • RES 4: $1.3128 - 1.382 projection of Jun 12 -23 rally from Jun 29 low
  • RES 3: $1.3000 - Round number resistance
  • RES 2: $1.2942 - High Mar 6
  • RES 1: $1.2844- 1.236 projection of Jun 12 -23 rally from Jun 29 low
  • PRICE: $1.2714 @ 07:44 BST Aug 25
  • SUP 1: $1.1840 - Low Aug 20 and key support
  • SUP 2: $1.1328 - Low Aug 7
  • SUP 3: $1.0614 - Low Jul 30 and a reversal trigger
  • SUP 4: $1.0441 - Low Jun 29

RBOB futures remain in an uptrend. Yesterday, the contract resumed the bull run rallying sharply higher. Recent gains have brought to an end a lengthy period of consolidation and this has opened the 1.3000 handle. Note the uptrend is also reinforced by the continued existence of the bullish price sequence of higher highs and higher lows. The focus is on $1.2844 next, a Fibonacci projection level. Key support is seen at $1.1840, Aug 20 low.

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