RBOB GASOLINE FUTURES (RB1!), H1 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 3.8663
Pivot: 3.6472
Support : 3.5036
Preferred Case: On the H4, with price moving above the ichimoku cloud and within the ascending channel , we have a bullish bias that price will drop and rise from the pivot at 3.6472 in line with the overlap support and 38.2% fibonacci retracement to the intermediate resistance at 3.7250 where the 127.2% fibonacci extension and overlap resistance are. Once there is upside confirmation of price breakthough of intermediate resistance, we would expect bullish momentum to carry price to the 1st resistance at 3.8663 where the swing high resistance and 78.6% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 3.5036 in line with the swing low support and 100% fibonacci projection .
Fundamentals: Due to global supply demand issues of gasoline originating from the sanctions in place against Russia, we have a bullish view on gasoline.
Resistance : 3.8663
Pivot: 3.6472
Support : 3.5036
Preferred Case: On the H4, with price moving above the ichimoku cloud and within the ascending channel , we have a bullish bias that price will drop and rise from the pivot at 3.6472 in line with the overlap support and 38.2% fibonacci retracement to the intermediate resistance at 3.7250 where the 127.2% fibonacci extension and overlap resistance are. Once there is upside confirmation of price breakthough of intermediate resistance, we would expect bullish momentum to carry price to the 1st resistance at 3.8663 where the swing high resistance and 78.6% fibonacci projection are.
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support level at 3.5036 in line with the swing low support and 100% fibonacci projection .
Fundamentals: Due to global supply demand issues of gasoline originating from the sanctions in place against Russia, we have a bullish view on gasoline.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results