RBOB Gasoline March Contract - Forecast for 02/14 by Daytradeideas.com

March RBOB tried to break higher but failed at 308.50 before quickly falling back to support at 303.38. This support may hold again if tested today but below here look for 302.17. A break could then take us down to 300.44.

We will need to see prices back above 306.10 for a chance to test resistance in the 307/308 area. A break & preferably a close above here is unlikely but does open the door to 309.22 which should be a very tough obstacle and could hold a rally for now.

Long term levels

309.22     Weekly 61.8% Fibonacci

306.98     Last Week’s High

305         January High

298.25     Last Week’s Low

290.78     100 Week Moving Average

283.95     December High

269.15     Jan Low

The article was first published by DayTradeIdeas.com