After yesterdays ugly finish, Rbob has staged a late evening rally to close out within two pips of the high set yesterday. In an ideal world we would have closed over this. Need to see higher numbers tomorrow or the risk of a double top comes into play.
Macd/Rsi/Stoch all tell us that this level should be taken out ...
bit of an ugly finish to the day for june rbob, ugly looking candle, and a failure to close above the april high of 1.6180. uptrend is still intact, but price action could be turning. need to see what tomorrow brings
Has had its first run at the recent April highs, breached it for small period but currently back under. Needs to close above 16180 to take the oil complex higher
Technicals are all showing tho the odds are good on it happening
whilst Brent and wti have taken out the important resistance levels, Rbob is lagging, which given we are approaching peak demand season is somewhat of a concern
looking for jun rbob to break 1.6180 to give signal that whole complex can take a further step higher