june rbob breaks the upchannelpretty horrific close for june rbob - serious trendline failure and surely targets now 1.41
AREQ2017 trade ideas
Buy RBN2016 at 1,5058, with Stop at 1,3720 and Target at 1,6970RBN2016 is in uptrend and made pullback to the uptrend.
RB setting up for shortingI'm waiting for confirmation bar to entry a short position. Negative indications are starting to appear.
Gasoline crack spreadAnyone trades these? Curious on seasonality summer driving ahead, any opinions? $CL_F $RB_F $USO
Gasoline RBOB - intraday trade Energy sector on the way up. Hourly chart showing an interesting coil. Buy at breakout today 04March15 and close by the end of the day or at specified target. Tight stop.Risk/Reward 2.18.
Gasoline is pulling back to break point"Rickshaw man" reversal candle appeared on monthly time frame right at the target of broken down Ascending triangle.
Price can pullback to break point at $2.5 level.
It's healthy move and technically good to watch where the pullback stalls.....then if stopped at or below triangle's support just short it!
Lucky and intelligent trades - put stops!
Pullback Due for RBOB Gas?Gasoline has seen a crazy rally in the first six weeks of 2015, after a record number of daily declines; but, considering the continued oversupply in both crude and gasoline inventories, RBOB could look to pullback.
No longer in an oversold condition on the daily chart, gas has been unable to close above $1.6192, as well as a minor descending trend line.
So far, price action has been able to find support on the 23 percent Fib. from the recent bottom to rally top. If gas cannot exceed and breakout of the descending trend line, I look for gas to retest $1.46 before moving lower to $1.423.
According to EIA data, gasoline inventories are well above the 5-year average and have been since late fall. The next few months typically see less demand for gas due to seasonality, and I am uncertain whether or not demand will greatly pick up heading into summer.
In the near-term, I expect prices to remain low. Although, a breakout from resistance could send prices to $1.680.
Gasoline RBOBRBU2014 - The energy sector is showing strenght. RBOB double bottom with reversal bar today 13 Aug 2014. This could be a long term bottom. Crude and heating oil show similar patterns. The terget could be revised depending on the development.
Watch RBOB Gas over 2.76$RB_F Break over that level could signal further strength in Crude Oil $CL_F
Continue to monitor RBOB gasoline.$RB_F $USO Its about 8% off its low ticks from early Nov. Could be a tell for crude oil..
At the Gasoline pumpGasoline RBOB trend is up. Currently at an intersection (cluster) of median lines which are both giving support. Price is poised to move higher over the next two weeks.
Energy and EquitiesPrices for gasoline and crude oil have been on the rise. When does demand destruction start to occur and what does this mean for the $SPY. Over the last couple years gasoline at $3.20 a gallon has preceded each major market correction. This may not be the point of demand destruction but is an important price level to watch in advance of the next decline. Keep an eye on rising energy prices because they may start to slowly hit consumers in the pocket book as well as drive up costs and reduce earnings for fuel intensive businesses. Rising energy costs could unsettle the earnings outlook for the S&P 500. Until then, thanks Ben for the boost to stock prices and hopefully inflation is under control as you say it is... ;)
Gasoline Price, Important Economic and Market Leading IndicatorThe price of gasoline isn’t one of the ten components of the Index of Leading Economic Indicators (LEI) in the US. Nor is it included in the LEIs of the other major economies around the world. However, maybe it should be. That’s because rapidly rising gasoline prices led or coincided with all six recessions since 1973. It might be different this time because Fed policy is likely to remain stimulative even if higher gasoline prices boost the headline CPI inflation rate. The latest batch of LEIs suggests that the global economy has plenty of forward momentum for the first half of 2013. If gasoline prices continue to rise along with crude oil prices in coming weeks, then the outlook for global economic growth during the first half of the year is bound to be reflected in weaker LEIs before mid-year.
Triple Top Pattern
The Triple Top Reversal is a bearish reversal pattern typically found on bar charts, line charts and candlestick charts. There are three equal highs followed by a break below support. As major reversal patterns, these patterns usually form over a 3 to 6 month period.
Throughout the development of the Triple Top Reversal, it can start to resemble a number of other patterns. Before the third high forms, the pattern may look like a Double Top Reversal. Three equal highs can also be found in an ascending triangle or rectangle. Of these patterns mentioned, only the ascending triangle has bullish overtones; the others are neutral until a break occurs. In this same vein, the Triple Top Reversal should also be treated as a neutral pattern until a breakdown occurs. The inability to break above resistance is bearish, but the bears have not won the battle until support is broken. Volume on the last decline off resistance can sometimes yield a clue. If there is a sharp increase in volume and momentum, then the chances of a support break increase.
1. Prior Trend: With any reversal pattern, there should be an existing trend to reverse. In the case of the Triple Top Reversal, an uptrend should precede the formation.
2. Three Highs: All three highs should be reasonably equal, well spaced and mark clear turning points to establish resistance. The highs do not have to be exactly equal, but should be reasonably equivalent to each other.
3. Volume: As the Triple Top Reversal develops, overall volume levels usually decline. Volume sometimes increases near the highs. After the third high, an expansion of volume on the subsequent decline and at the support break greatly reinforces the soundness of the pattern.
4. Support Break: As with many other reversal patterns, the Triple Top Reversal is not complete until a support break. The lowest point of the formation, which would be the lowest of the intermittent lows, marks this key support level.
5. Support Turns Resistance: Broken support becomes potential resistance, and there is sometimes a test of this newfound resistance level with a subsequent reaction rally.
6. Price Target: The distance from the support break to the highs can be measured and subtracted from the support break for a price target. The longer the pattern develops, the more significant the ultimate break. Triple Top Reversals that are 6 or more months old represent major tops and a price target is less likely to be effective.
stockcharts.com
Triple tops are chart patterns with decent performance in a bull market. The failure rate is higher than I like to see, but the average decline is reasonable. Thus, if you own a stock and the triple top confirms ( price closes below the lowest valley in the pattern), then consider selling immediately.
thepatternsite.com
