Technical Forecast for RBOB

RBOB Gasoline shot higher again reaching the target of 310/311 but continued a lot further to 314.55. This is a 78.6% recovery plus the high for April. We have opened lower today & could test support at 308 but below here look for a buying opportunity at 304/303.75 with a low for the day expected.

 

314.00/55 is immediate resistance & we should struggle here again. However any shorts need stops above 316 as a break higher could target 317.80-319.