Technical forecast for RBOB

rbob

RBOB Gasoline shot higher again reaching the target of 310/311 but continued a lot further to 314.55. This is a 78.6% recovery plus the high for April. We have opened lower today & could test support at 308 but below here look for a buying opportunity at 304/303.75 with a low for the day expected.

314.00/55 is immediate resistance & we should struggle here again. However any shorts need stops above 316 as a break higher could target 317.80-319.

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