Technical Forecast for RBOB
RBOB Gasoline 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 did hold the topside as expected. However above here today 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 & look for 290.90.
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