Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.