Gasoline Futures (RB1!) H4 | Bounce Off 78.6% Fibo?
Type:
Bullish Reversal
Key Levels:
Resistance: 1.9770
Pivot: 1.9176
Support: 1.8636
Preferred Case:
Looking at the H4 chart, the price is falling toward pullback support and stabilizes around this level before reversing toward the 1st resistance at 1.9770 which aligns with the 78.6% Fibonacci retracement.
Alternative Scenario:
Price may break below the Pivot at 1.9176 which aligns with the 61.8% Fibonacci retracement and fall towards the 1st support at 1.8636
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.