NYMEX RBOB (X20): Resistance Remains Intact

• RES 4: $1.3091 - 1.236 proj of Jul 30 - Aug 25 rally from Sep 8 low
• RES 3: $1.2628 - 1.00 proj of Jul 30 - Aug 25 rally from Sep 8 low
• RES 2: $1.2462 - High Aug 25 and the bull trigger
• RES 1: $1.2042 - Oct 14 high
• PRICE: $1.1637 @ 07:07 BST Oct 19
• SUP 1: $1.1384 - Low Oct 15
• 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 closer to the lower end of its recent range. 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. On the downside, weakness below $1.1384 would expose $1.0958, Oct 2 low.