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Matthew Bradbard

Matthew Bradbard

I have over 1 decade of experience in the Commodities industry. Managing my own IB for over 5 years and my own CTA for fifteen…

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RBOB Price Activity Suggests a Real Correction is Underway

For the last 5 days RBOB prices have dropped, depreciating approximately 15 cents/gallon. With prices now under the 8, 18 and 50 day MA’s I think we finally have a real correction under way. There have been a few head fakes in recent weeks but this could be the correction forecast in recent weeks. Support is seen about 5 cents below today’s low but this being the third attempt at that level I suspect we see a trade under the 100 day MA in the coming weeks. That pivot point is identified by the light blue line and prices have been above that level since early August.

RBOB Prices

My stance is the entire energy complex could trade lower in the coming weeks. On a 50% Fibonacci retracement which would drag prices 20 cents from current prices we would start to see some relief at the pump with prices well over $4/gallon for months now. Coincidence or not having relief in energy prices right around the election?

To discuss in more detail this chart or any other you can reach me at:

mbradbard@rcmam.com or 954-929-9997

Risk Disclaimer: The opinions contained herein are for general information only and are not intended to provide specific investment advice or recommendations and are not tailored to any specific’s investor’s needs or investment goals.  You should fully understand the risks associated with trading futures, options and retail off-exchange foreign currency transactions (“Forex”) before making any trades. Trading futures, options, and Forex involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change without notice.  Past performance is not necessarily indicative of future results.




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