Technical forecast for RBOB

rbob1

RBOB Gasoline made it back to 295/296 for a selling opportunity & topped exactly here. This trade worked perfectly & with the outlook turning more negative we could see prices continue lower today. Look for 291.00 then yesterday’s low of 289.75 before good Fibonacci & 200 day & 100 week moving average support at 288.80/00. We should see a low for the day & a bounce from here at this stage, but we do need stops below 287.00. A break lower could then target 285.65.

Above 293.25 could allow another test of 295/296 for a selling opportunity with stops above 297. A break higher could then reach 299/300 for the next selling opportunity.

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