Technical forecast for RBOB

rbob3

RBOB Gasoline broke support at 280.77 as feared but bounced ahead of 277.95/10. This is good support as stated yesterday & we look oversold in the short term so we would expect a bounce from here if seen today. Exit shorts & try longs with stops below 276.60.

We face resistance in the 282.46-283.60 area which could hold the topside. However above here could see us test resistance at 285.62, possibly as far as 287.10 where we should struggle. Exit longs & try shorts with stops above the 200 day moving average at 288.70.

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