Technical forecast for RBOB

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RBOB Gasoline is holding below the 100 day moving average, which is at 293 today. We are now overbought & could head lower towards support at 289/87 from the 200 day moving average & this did in fact hold the downside yesterday, but below here today we could see 283.60/282.50 tested to take profit on any remaining shorts.

We can use 291/92 for a selling opportunity again today with stops above the 100 day moving average at 293. A break higher then targets 294.91, possibly 297.76.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More