Technical Forecast for RBOB
RBOB Gasoline tested support at 309/308.50 for some profit taking as expected. We predicted a bounce from here & a low for the day & we bottomed exactly here in fact. We fell just a fraction short of 314.50/315 for a selling opportunity. Any move towards this area today could give us a second chance but use stops above 316 as a break higher could target 317.80-319.
We are however very overbought on the daily chart & may retest support at 309/308.50 today. A break lower cannot be ruled out and could target 306.70. If this does not hold the downside look for a buying opportunity at 304.70/304.20 with a low for the day expected.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.