Technical Forecast for RBOB

RBOB Gasoline broke support at 280.77 as feared but bounced ahead of 277.95/10. This is good support as stated yesterday & we look oversold in the short term so we would expect a bounce from here if seen today. Exit shorts & try longs with stops below 276.60.

 

We face resistance in the 282.46-283.60 area which could hold the topside. However above here could see us test resistance at 285.62, possibly as far as 287.10 where we should struggle. Exit longs & try shorts with stops above the 200 day moving average at 288.70.