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NYMEX RBOB (X20): Focus Is On The Bull Trigger Despite A Pullback

OIL TECHS
  • RES 4: $1.3091 - 1.236 proj of Jul 30 - Aug 25 rally from Sep 8 low
  • RES 3: $1.3000 - Round number resistance
  • RES 2: $1.2628 - 1.00 proj of Jul 30 - Aug 25 rally from Sep 8 low
  • RES 1: $1.2462 - High Aug 25 and the bull trigger
  • PRICE: $1.1955 @ 07:49 BST Oct 12
  • SUP 1: $1.1619 - 50-day EMA
  • 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 maintains a bullish tone following last week's gains. Price action reversed course on Oct 5, signalling a reversal of the previous week's sell-off. Attention is on key resistance at $1.2462, Aug 25 high, where a break would strengthen a bullish case and confirm a resumption of the uptrend since Apr 22. On the downside, a break of $1.0958 is required to dampen the bullish mood. A key near-term support lies at $1.1619, the 50-day EMA.

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