Technical Forecast for RBOB for 19th May 2013

RBOB Gasoline tested the 100 day moving average at 292.81 but fortunately topped at 292.76 to keep us short. We are now overbought & could head lower as we start this week. First support at 289/87 with the 200 day moving average & this did in fact hold the pullback on Friday, but below here we could see 283.60/282.50 tested to take profit on any remaining shorts.

 

We can use 289.50/291 for a selling opportunity again today with stops above the 100 day moving average at 292.84. A break higher then targets 294.91, possibly 297.76.