Technical Forecast for RBOB
RBOB Gasoline failed at resistance of 282.25/50 for the second day & also held support at 274. However today’s outlook is still quite negative so watch for a break lower to then target 271/70. If we continue lower we should test this years low at 269.15/268.80 this week but should look quite oversold at this stage.
If we can hold above 278.20 we could try for 280.90/281 today. We still have resistance at
282.25/50 but a break higher through 283.30 should trigger stops and a move towards resistance at 285.40/50. Look for a high for the day here to exit longs & try shorts with stops above 287.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.