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NYMEX RBOB (X20): Approaching The Bull Trigger

OIL TECHS
  • RES 4: $1.3091 - 1.236 proj of Jul 30 - Aug 25 rally from Sep 8 low
  • RES 3: $1.3000 - Round number resistance
  • RES 2: $1.2628 - 1.00 proj of Jul 30 - Aug 25 rally from Sep 8 low
  • RES 1: $1.2462 - High Aug 25 and the bull trigger
  • PRICE: $1.2218 @ 07:56 BST Oct 7
  • SUP 1: $1.1556 - 50-day EMA
  • SUP 2: $1.0958 - Low Oct 2
  • SUP 3: $1.0660 - Low Sep 11 and the bear trigger
  • SUP 4: $1.0501 - Low Jul 30

RBOB found resistance on Sep 28 at $1.2186 and sold off sharply last week. Price action reversed course Monday however and futures have reversed last week's downleg. A key near-term support lies $1.0958, Oct 2 low. Attention is on key resistance at $1.2462, Aug 25 high, where a break would strengthen a bullish case and confirm a resumption of the uptrend since Apr 22. On the downside, a break of $1.0958 is required to dampen the bullish mood.

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