Free Trial

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.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.