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NYMEX RBOB (X20): Bears Remain In The Driving Seat

OIL TECHS
  • RES 4: $1.2462 - High Aug 25 and the bull trigger
  • RES 3: $1.2042 - High Oct 14
  • RES 2: $1.1925 - High Oct 20
  • RES 1: $1.1612 - 20-day EMA
  • PRICE: $1.113 @ 07:24 GMT Oct 27
  • SUP 1: $1.1067 - Low Oct 26
  • 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 yesterday. For bulls, price needs to clear near-term resistance at 1.1925, Oct 20 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. Recent weakness however has exposed $1.0958, Oct 2 low. A break would open 1.0667, Sep 8 low and bear trigger.

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