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NYMEX RBOB (V20): Uptrend Extends

OIL TECHS
  • RES 4: $1.3000 - Round number resistance
  • RES 3: $1.2942 - High Mar 6
  • RES 2: $1.2844- 1.236 projection of Jun 12 -23 rally from Jun 29 low
  • RES 1: $1.2462 - Intraday high
  • PRICE: $1.2276 @ 07:49 BST Aug 24
  • SUP 1: $1.1840 - Low Aug 20
  • SUP 2: $1.1328 - Low Aug 7 and key support
  • SUP 3: $1.0614 - Low Jul 30 and a reversal trigger
  • SUP 4: $1.0441 - Low Jun 29

RBOB futures remain in an uptrend. Price has traded above former key resistance and bull trigger at $1.2122, Jun 23 high. This has brought to an end a lengthy period of consolidation and confirms an extension of the underlying bullish price sequence of higher highs and higher lows. The focus is on $1.2844 next, a Fibonacci projection level. On the downside, key support is seen at $1.1328, low Aug 7.

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