Free Trial

NYMEX RBOB (Z19): Bulls Still In Charge...>

OIL TECHS
OIL TECHS: NYMEX RBOB (Z19): Bulls Still In Charge
*RES 4: $1.7561 - 1.618 projection of Oct 3 - Oct 14 rally from Oct 21 low
*RES 3: $1.7248 - 1.382 projection of Oct 3 - Oct 14 rally from Oct 21 low
*RES 2: $1.7196 - High Sep 16 and primary resistance
*RES 1: $1.7093 - High Nov 22
*PRICE: $1.6722 @ 07:25 GMT Nov 25
*SUP 1: $1.6431 - Low Nov 21
*SUP 2: $1.5868 - Low Nov 20 and intraday bear trigger
*SUP 3: $1.5800 - Low Oct 31 and key support
*SUP 4: $1.5536 - Low Oct 23
RBOB is bullish following last weeks sharp rally of the Nov 20 low. The sharp
recovery resulted in a breach of key resistance $1.6843, Nov 5 high and the
former bull trigger. This has confirmed a resumption of the uptrend that has
been in place since Oct 3 and attention turns to $1.7196, Sep 16 high and the
primary resistance. Key support has been defined at $1.5868, Nov 21 low. Initial
support lies at $1.6431, Thursday's low.

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.