Technical forecast for RBOB

Gasoil September only just held on to our buying opportunity at 930.75/00 & headed higher for a second selling opportunity at 944/945 & topped exactly here. The outlook is now negative with yesterday’s double top in an overbought market. Look for a test of 930/929 support with a break lower to target 925/924. Be ready with stops on longs below 922 for 919/918. If we fall any further this week look for excellent Fibonacci & 200 day moving average plus roll over gap support at 915/914 & a very good buying opportunity at this stage.

Immediate resistance at 938.50/939 but if we continue higher look for a selling opportunity at 944/945 again today. Be aware of strong Fibonacci resistance at 949 just above.

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. has established itself as the leading provider of... More