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NYMEX RBOB (V20): Trading Below Recent Highs

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: $1.2382/425 - High Sep 18 / 76.4% of Aug 25 - Sep 11 sell-off
  • PRICE: $1.1998 @ 07:18 BST Sep 25
  • SUP 1: $1.1521 - Low Sep 22
  • SUP 2: $1.1292 - Low Sep 16
  • SUP 3: $1.1004 - Low Sep 15
  • SUP 4: $1.0755 - Low Sep 11 and the reversal trigger

RBOB sold off sharply Monday but has since found some support. The pullback in price action appears to signal a reversal of the recent recovery and has defined a key resistance at $1.2382, Sep 18 high. A deeper pullback would reinforce a bearish threat and pave the way for a move towards support at $1.1292, Sep 16 low ahead of the major support at 1.0755, Sep 11 low. On the upside, clearance of $1.2382 would reinstate a bullish focus.

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