On the above 4-day chart price action has corrected 27% from the peak and 15% following the confirmation of the head and shoulders pattern, an expected measured move. A number of reasons now exist to expect an move up. They include:
1) RSI resistance breakout.
2) Support and resistance. Price action confirms support on past resistance.
3) Regular bullish...
Gasoline (RB1!) is on a minor pull-back on the 1D chart, below both the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line). The 1D RSI has been rebounding since the October 05 oversold bottom, something that has done the exact same way the previous two times on May 04 2023 and December 08 2022. Both of those fractals have (so far) similar structure...
Among my favorite charts this time of year is that of RBOB gasoline futures. Often as Halloween approaches, wholesale gasoline costs start coming down significantly from highs in the summer. Call it a nice treat for commuters and families around the country. As it stands, the prompt-month of RBOB is now under $2.20 - that's a fresh 10-month low should we close...
HI, GASoline really near to my best buying level (2.3) I will buy it right there it could give me nice pull back ......share with your friend .....
Gooooood Luuuuuuuck
For PEMEX Mexico's prices:
Throughout the year 2023, there has been a bearish trend in the international reference price. However, in the last weeks of July 2023, there was an increase in international reference prices. The Fibonacci retracement technique was used to assess potential support and resistance levels.
The analysis shows that the next price...
Gasoline is on a neutral 1D technical setting (RSI = 51.588, MACD = -0.026, ADX = 46.131) as it only crossed over the 1D MA50 on Monday. That was after a 3 week consolidation between the 1D MA50 and the 1D MA200, which held and kept the price over the bottom of the long term Channel Up.
We consider this breakout as the final confirmation of the new rally to the...
Information about the war in Ukraine and other disruptions to the global energy market will affect the oil price. However, it is important to note that gasoline prices are not always directly correlated with crude oil prices. For example, if OPEC increases production, it could help to keep gasoline prices down.
Entry: 2.6086 - 2.4844
TP1: 2.9470
TP2: 3.3276
SL: 2.3279
Good morning,
I have traded this for the last 15 years, I am 14-1 on this trade, has a high probability of success. Time Frame is 8/2-8/19. The initial "crash and return to mean" is due to the seasonal demand consequence of the market. Low margin req, calender spreads would be a good option, I will let you figure out the set up as I can't give everything away....
There are clear re-entry long signals for the most bullish market
why are most traders just focused on E-MINIs or bitcoin, when commodities like heating oil provide an easier trading opportunity?
Even better risk reward ration can be archived on the 15 min chart by simply using fair value gaps as re-entry spots...
The ‘crack spread’ is a term used in the oil industry that refers to the differential between the price of crude oil and the petroleum products extracted from it, such as gasoline and heating oil. The name comes from the process of 'cracking' crude oil in a refinery to produce these valuable products.
The spread serves as a measure of refining margin, or...
Yesterday, the EIA reported broad inventory levels from last week for Crude Oil, distillates and gasoline. Inputs to refineries averaged 16.5 M bbl/day during the week ending July 28, 2023, which was 40K bbl/day more than the previous week’s average while refineries operated at a reasonably high level capacity of approximately 92.7% last week. Gasoline production...
the last candle is an exhaustion one.
meaning that the sellers are weakening.
I expect a strong move up for the next annual candle.
ther may be further little push down to touch the base trendline before the next big move.
every 2 moves up is followed by 2 moves down
price had managed to pass above the descending dynamic trend line
but then sumerged below it again
and now we can see a small tail in the candle meaning that the correction may be over for this annual candle.
the next candle could be a green one.
