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Technical forecast for RBOB

By () · July 18, 2013 · Comments Off on Technical forecast for RBOB
Energy · analysis, binary option, buy sell, candlestick, charts, day trade, day trading, down trend, fibonacci, forecast

RBOB Gasoline tested support at 309/308.50 for some profit taking as expected. We predicted a bounce from here & a low for the day & we bottomed exactly here in fact. We fell just a fraction short of 314.50/315 for a selling opportunity. Any move towards this area today could give us a second chance but use stops above 316 as a break higher could target 317.80-319.

We are however very overbought on the daily chart & may retest support at 309/308.50 today. A break lower cannot be ruled out and could target 306.70. If this does not hold the downside look for a buying opportunity at 304.70/304.20 with a low for the day expected.

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