Technical Forecast for RBOB
RBOB Gasoline made it back to 295/296 for a selling opportunity & topped exactly here. This trade worked perfectly & with the outlook turning more negative we could see prices continue lower today. Look for 291.00 then yesterday’s low of 289.75 before good Fibonacci & 200 day & 100 week moving average support at 288.80/00. We should see a low for the day & a bounce from here at this stage, but we do need stops below 287.00. A break lower could then target 285.65.
Above 293.25 could allow another test of 295/296 for a selling opportunity with stops above 297. A break higher could then reach 299/300 for the next selling opportunity.
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