This is a long term analysis on Gasoline on the 1W chart. We are trying to determine where this aggressive buying sequence that started at the end of December will stop.
The previous similar sequence stopped just below the 0.618 Fibonacci retracement level. Then it bottomed just under the 0.500 level and consolidated before it resumed the uptrend.
We expect a similar pattern this time as well. The current 0.618 Fibonacci level is at 1.8883, so expect a top around 1.8600. Similarly the 0.500 level is at 1.5543, so this is a projected pull back mark.
This analysis is best suited for long term traders and investors who are looking for a safe and high R/R position for the next bull run.