March RBOB has been hovering in a range from 298 up to 307 for 2 weeks and we held this range again yesterday. There is a little support today at 301 but below here another test of 299/98 look likely. The daily chart is calling for a correction so watch for a break below 297 to trigger stops on longs for a move to 294.88.

Resistance remains in the 306/307 area but a break & preferably a close above here then opens 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


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