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NYMEX RBOB (X20): Off Recent Highs

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: $1.1921 @ 07:07 BST Oct 15
  • SUP 1: $1.1645 - 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 and despite the recent pullback. Price action reversed course on Oct 5, reversing 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 that started Apr 22. On the downside, a break of $1.0958 is required to dampen the bullish mood. First support is at $1.1645.

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