Technical Forecast for RBOB
Gasoil September only just held on to our buying opportunity at 930.75/00 & headed higher for a second selling opportunity at 944/945 & topped exactly here. The outlook is now negative with yesterday’s double top in an overbought market. Look for a test of 930/929 support with a break lower to target 925/924. Be ready with stops on longs below 922 for 919/918. If we fall any further this week look for excellent Fibonacci & 200 day moving average plus roll over gap support at 915/914 & a very good buying opportunity at this stage.
Immediate resistance at 938.50/939 but if we continue higher look for a selling opportunity at 944/945 again today. Be aware of strong Fibonacci resistance at 949 just above.
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