Technical forecast for RBOB

rbob2

RBOB Gasoline did head lower as expected to hit our target of 283.60/282.50 & take profit on shorts. We are weaker again this morning & looking for a test of support at 280.77 but could fall as far as 277.95/10. This is good support as we start to look oversold in the short term so we would expect a bounce from here. Exit shorts & try longs with stops below 276.60.

A push back above 283.80 however could see us test resistance at 287.10 where we should struggle but any further gains run in to the 200 day moving average at 288.75 for a selling opportunity.

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