Technical Forecast for RBOB
RBOB Gasoline is holding below the 100 day moving average, which is at 293 today. We are now overbought & could head lower towards support at 289/87 from the 200 day moving average & this did in fact hold the downside yesterday, but below here today we could see 283.60/282.50 tested to take profit on any remaining shorts.
We can use 291/92 for a selling opportunity again today with stops above the 100 day moving average at 293. A break higher then targets 294.91, possibly 297.76.
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