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NYMEX RBOB (X20): Bears In The Driving Seat

OIL TECHS
  • RES 4: $1.3091 - 1.236 proj of Jul 30 - Aug 25 rally from Sep 8 low
  • RES 3: $1.2628 - 1.00 proj of Jul 30 - Aug 25 rally from Sep 8 low
  • RES 2: $1.2462 - High Aug 25 and the bull trigger
  • RES 1: $1.2042 - High Oct 14
  • PRICE: $1.1510 @ 07:03 BST Oct 23
  • SUP 1: $1.1224 - Low Oct 5
  • 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 traded lower again this week. For bulls, price needs to clear near-term resistance at 1.2042, Oct 14 high to ease any bearish concerns. This would refocus attention on the key resistance at $1.2462, Aug 25 high, where a break would strengthen a bullish case and confirm a resumption of the uptrend that started Apr 22. On the downside, weakness Wednesday below $1.1384, Oct 15 low has exposed $1.0958, Oct 2 low.

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