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Technical forecast for RBOB

By () · May 23, 2013 · Comments Off on Technical forecast for RBOB
Energy · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, fibonacci, forecast

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.

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