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Free AccessNYMEX RBOB (Z19): Clears Resistance.......>
OIL TECHS: NYMEX RBOB (Z19): Clears Resistance
*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: $1.7060 - High Nov 21
*PRICE: $1.6991 @ 07:26 GMT Nov 22
*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 rallied sharply once again yesterday. Price action this week remained
above, apart from a brief probe Wednesday, support at 1.5885. The sharp recovery
has 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.
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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.