Technical forecast for RBOB

rbob1

RBOB Gasoline did test support at 308 & bottom just below at 307.05. We are heading back towards last week’s high at 314.00/55 & we should struggle here again being overbought short term & on the daily chart. However any shorts need stops above 316 as a break higher could target 317.80-319.

Failure to break 314.00/55 should see a drift lower to 308/307. Below here look for a buying opportunity at 304/303.75 with a low for the day expected.

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