Technical forecast for RBOB

rbob3

RBOB Gasoline unexpectedly broke 295/296 but has halted below 299/300 & the next selling opportunity. We are getting overbought short term so there is a risk of a drift lower. However stopson shorts needed above 301 for 303.35.

A drift lower to support at 296.25/00 is possible & this could hold the downside. However on a break lower look for 295.00, possibly 293.25/00 for a buying opportunity here.

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