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

• 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: $1.2042 - High Oct 14
• RES 1: $1.1702 - High Oct 22
• PRICE: $1.1217 @ 09:30 GMT Oct 26
• SUP 1: $1.1095 - Intraday low
• 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 is trading lower again today. 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. Recent weakness however has exposed $1.0958, Oct 2 low. A break would open 1.0667, Sep 8 low and bear trigger.