Technical forecast for 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.