Gasoline Futures (RB1!) | H4 Falling to Pullback Support at 38.2% Fibonacci Retracement
Gasoline Futures (RB1!) | H4 Falling to Pullback Support at 38.2% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 2.606
Pivot: 2.506
Support: 2.467
Preferred Case:
Looking at the H4 chart, my overall bias for Gasoline futures (RB1!) is neutral and this commodity could fluctuate between the pivot and the 1st resistance. With price falling towards the pivot, it could potentially stabilize around this level before reversing to bounce higher to towards the 1st resistance.
Alternative Scenario:
Price may break below the pivot at 2.506 and fall towards the 1st support level at 2.467.
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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.