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NYMEX RBOB (X20): Focus Is On The Bear Trigger

OIL TECHS
  • RES 4: $1.2462 - High Aug 25 and the bull trigger
  • RES 3: $1.2352 - High Sep 27
  • RES 2: $1.2186 - High Sep 28 and key near-term resistance
  • RES 1: $1.1888 - High Oct 1
  • PRICE: $1.1534 @ 07:42 BST Oct 5
  • 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 $1.2186 and sold off sharply last week. The pullback highlights a bearish threat. Support at $1.1317, Sep 22 low has been cleared setting the scene for an extension lower and opening the major support at $1.0660, Sep 11 low where a break would confirm a broader reversal. The bounce off Friday's low is likely a correction. Initial firm resistance is at $1.2186, Sep 28 high.

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