RBOB: Supply, Demand Negative for This Market


DAILY 25375 25655 25974 26250 26545 DOWN
WEEKLY 24440 25375 25974 27530 28350 DOWN

Daily Moving Averages: 21, 55, & 100:2.7044, 2.7729, 2.8666
Weekly Moving Averages: 21, 55, & 100: 2.8868, 2.9055, 2.8883

It was noted at the expiration of the December contract that the continuation chart completed a double zigzag pattern to the upside.
• We felt that would give the market a test of 2.55 to 2.5375. Although we have paused above that important zone, it is apparent from the hourly pattern that there is more downside to come early in the week.
• The minor resistance will be at 2.6250 to 2.63.
• The minor upside pivot is 2.6350.
• The key upside pivot to the intraday chart is 2.66.
• We are a seller of the rally. This will be at the 2.6250 level with a protective stop above 2.6350.
• There is likely to be a challenge of the weekly uptrend at 2.57 to 2.5650.
• Breaking that level moves Jan down to the key downside pivot of 2.5375.
• A daily settle below that level will nail an attack on 2.45 to 2.44450.
• Both supply and demand are negative for this market.


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