Technical Forecast for RBOB

RBOB Gasoline did test support at 308 & bottom just below at 307.05. We are heading back towards last week’s high at 314.00/55 & we should struggle here again being overbought short term & on the daily chart. However any shorts need stops above 316 as a break higher could target 317.80-319.

 

Failure to break 314.00/55 should see a drift lower to 308/307. Below here look for a buying opportunity at 304/303.75 with a low for the day expected.