Technical Forecast for RBOB
RBOB Gasoline did head lower as expected to hit our target of 283.60/282.50 & take profit on shorts. We are weaker again this morning & looking for a test of support at 280.77 but could fall as far as 277.95/10. This is good support as we start to look oversold in the short term so we would expect a bounce from here. Exit shorts & try longs with stops below 276.60.
A push back above 283.80 however could see us test resistance at 287.10 where we should struggle but any further gains run in to the 200 day moving average at 288.75 for a selling opportunity.
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