Free Trial

NYMEX RBOB (X19): Trades Higher *RES 4:...>

OIL TECHS
OIL TECHS: NYMEX RBOB (X19): Trades Higher
*RES 4: $1.6971 - 76.4% retracement of Sep 16 - Oct 3 decline
*RES 3: $1.6824 - High Sep 19 and key resistance
*RES 2: $1.6628 - 61.8% retracement of Sep 16 - Oct 3 decline
*RES 1: $1.6550 - High Oct 23
*PRICE: $1.6475 @ 07:24 BST Oct 24
*SUP 1: $1.5797 - Low Oct 14
*SUP 2: $1.5605 - Low Oct 10
*SUP 3: $1.5400 - Low Oct 8
*SUP 4: $1.5175 - Low Oct 3 and key support
RBOB rallied yesterday to trade above resistance at 1.6474, Oct 11 high. This
reinforces the bullish outlook following the recovery off the day low of $1.5175
on Oct 3 and more importantly the subsequent upside follow through that
confirmed a bullish price sequence of higher highs and higher lows. The focus is
on $1.6628, 61.8% of Sep 16 - Oct 3 decline. Initial support has been defined at
1.5797, Oct 14 low. While this level holds, further upside is favoured.

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.