March RBOB did hold support at 303.38 as hoped but then burst through resistance in the 307/308 area. We have therefore embarked on the next leg of the bull run which should target 320 & probably as far as 323.89.
If we cannot beat yesterday’s high of 313.86 we may see a small pullback to find support at 310.18 then 308.20/00 which should hold the downside.
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
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