Technical forecast for RBOB

rbob

RBOB Gasoline saw some profit taking before the weekend as expected & tested support at 296, overrunning to 295 before a bounce. We could continue lower today to 293.25 for a buying opportunity with stops below 292.00.

Last week’s high at 300.00/50 should hold the topside again today but a break higher could then target 303/303.50. Exit longs & try shorts in expectation of a high for the day but with stops above 304.50 for a test of 305.60/306.20.

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