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
Most Popular Slideshows
- Australia Bids Adieu to Adam Spencer's Mornings on ABC's "702 Breakfast" Show [PHOTOS]
- Top 10 Hottest Celebrities with Shocking Weight Loss (And Find Out Their Secrets!) [PHOTOS]
- Mars Curiosity Rover Photos: UFO Hunter Spots Strange 'Ruins,' 'Missile' [PHOTOS, VIDEO]
- Miranda Kerr Exposes Breasts to Crew, Wardrobe Malfunction 'Deliberate Accident?' [PHOTOS]