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Free AccessNYMEX RBOB: (X18) Approaching May Highs...>
OIL TECHS: NYMEX RBOB: (X18) Approaching May Highs
*RES 4: $2.3000 - Resistance
*RES 3: $2.2000 - Bull flag breakout target
*RES 2: $2.1000 - Resistance
*RES 1: $2.0756 - High May 22
*PRICE: $2.0513 @ 06:09 GMT
*SUP 1: $1.9130 - Low Sep 6
*SUP 2: $1.8880 - Low Aug 22
*SUP 3: $1.8849 - 200-dma
*SUP 4: $1.8568 - Low July 17
The May 22 high at $2.0756 is firmly in sight following the break above the Sep
4 high on Monday. A break of this level is looking increasingly given the broad
based strength in the space, which would suggest further gains over the medium
term towards the $2.2 bull flag target. On the downside the Sep 6 low of $1.9130
acts as support, and below here lies the key Aug 22 low of $1.8880. A break
below here is needed to threaten the larger bullish trend.
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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.