RBOB Gasoline: Unexpectedly Broke Resistance At 309.90

Published 03/21/2013, 07:25 AM
RBOB Gasoline
RBOB Gasoline dipped lower but only to 302 and shot higher. We unexpectedly broke resistance at 309.90 and if we hold above here look for 312.08/25 to be tested again. A break higher does look possible today for 314.25 on the way to 315.51/316.53 but this is tough resistance so we look for prices to halt here. Stops on shorts would be needed above 319.00.

Below 308.80 could see us slide back to 304.71 support. Any longs here need a stop below 303 for 302 & then 299.52 support. If this fails perhaps next week, we could fill the roll over gap at 292.12 but we are not expected to fall any further and this could be a very good buying opportunity with the end of the correction expected.

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