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NYMEX RBOB (V20): Uptrend Remains Intact

OIL TECHS
  • RES 4: $1.3000 - Round number resistance
  • RES 3: $1.2942 - High Mar 6
  • RES 2: $1.2385- 1.00 projection of Jun 12 -23 rally from Jun 29 low
  • RES 1: $1.2265 - High AUg 17
  • PRICE: $1.2047 @ 07:57 BST Aug 18
  • SUP 1: $1.1636 - Low Aug 13
  • 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 have resumed the uptrend. Price has today traded above former key resistance and the bull trigger at $1.2122, Jun 23 high. This brings 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 $1.2385 next, a Fibonacci projection level. On the downside, key support has been defined at $1.1328, low Aug 7.

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