RBOB GASOLINE FUTURES (RB1!), H4 Potential for Bearish Drop
Type : Bearish Momentum
Resistance : 3.6525
Pivot: 3.5009
Support : 3.1892
Preferred Case: On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will rise and drop from the pivot at 3.5009 in line with the overlap resistance to the 1st support at 3.1892 where the 61.8% fibonacci projection and swing low support are.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 3.6525 where the pullback resistance, 100% fibonacci projection and 78.6% fibonacci retracement are.
Fundamentals: U.S. gasoline demand is down roughly 4.5% from last week, giving us a bearish bias on gasoline.
Resistance : 3.6525
Pivot: 3.5009
Support : 3.1892
Preferred Case: On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will rise and drop from the pivot at 3.5009 in line with the overlap resistance to the 1st support at 3.1892 where the 61.8% fibonacci projection and swing low support are.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 3.6525 where the pullback resistance, 100% fibonacci projection and 78.6% fibonacci retracement are.
Fundamentals: U.S. gasoline demand is down roughly 4.5% from last week, giving us a bearish bias on gasoline.