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NYMEX RBOB (X20): Attention Is On Resistance Once Again

OIL TECHS
  • RES 4: $1.2628 - 1.00 proj of Jul 30 - Aug 25 rally from Sep 8 low
  • RES 3: $1.2462 - High Aug 25 and the bull trigger
  • RES 2: $1.2352 - High Sep 27
  • RES 1: $1.2186 - High Sep 28 and key near-term resistance
  • PRICE: $1.2042 @ 07:07 BST Oct 6
  • SUP 1: $1.0958 - Low Oct 2
  • SUP 2: $1.0660 - Low Sep 11 and the bear trigger
  • SUP 3: $1.0501 - Low Jul 30
  • SUP 4: $1.0052 - 38.2% retracement of the Apr - Aug rally

RBOB found resistance on Sep 28 at $1.2186 and sold off sharply last week. Yesterday, price action reversed course and futures have retraced the bulk of last week's downleg. A key near-term support lies $1.0958, Oct 2 low. Attention is on resistance at $1.2186, Sep 28 high where a break would strengthen a bullish case and expose key resistance at $1.2462, Aug 25 high. Weakness below $1.0958 is required to reinstate a bearish threat.

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