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...
NYMEX:RB1!
While the U.S. stock market performed miserably lately, energy commodities have a banner year. According to the American Automobile Association (AAA), the national average gasoline price reached an all-time high of $5.016 a gallon on June 14th. Diesel logged its own record on June 19th, at $5.816 a gallon.
Crude oil price hike is certainly a major...
The recent plunge in commodities has seen Gasoline futures tumble --- price is down 20% from its recent highs -- and evidence is mounting there could be more. Here is what we are seeing under the surface:
1. Head and shoulders activated:
The market has broken the neckline of a head and shoulders pattern, which is a pattern with 3 peaks, where the central peak...
Refinery margin explained:
The refinery margin is the percentage of profit generated from the sale of refined crude products. A 3:2:1 refinery spread margin percentage is charted here. A 3:2:1 refinery spread approximates the profit generated from a barrel of oil by subtracting the cost of 3 barrels of crude oil from the revenue generated via the sale of 2...
Gas on the spot looks to be setup to run at another new high as the pullback was a nice abc down into what should be a final push to test new highs in a 5th wave in what I see as wave C of a massive abc deflationary cycle is hitting ALL assets as the forecast in DEC 2021 calls for use this next move up to go long puts in the oil stock sector
As seen in the past, the crack spread is about to roll over for the summer months until the fall shutdowns start again. How this plays out in the equities like $HFC is yet to be seen.
Long RBOB at Market 1st TP 387.90 Stop 352.40
**Trading commodity futures and options involves substantial risk of loss.
The recommendations contained in this letter is of opinion only and
does not guarantee any profits. These are risky markets and only
risk capital should be used. Past performance is not indicative of future results**
hypothetical...
Gasoline (RB1!) has been supported by the 1D MA50 (blue trend-line) since January 2022 and after the most recent contact with the trend-line (April 07 2022), it has been on a strong rise.
This shouldn't surprise us as the 1D RSI has been printing the same pattern as the March - June 2021 period, when Gasoline formed a Channel Up supported by the 1D MA50. This...
GASOLINE registered all time high passing above resistance of historic prices following by a local correction.
Fibonacci channel tilt is adjusted to the general direction of 2 year relevance projecting dynamic support levels in case of further correction.
It might touch red fib area couple of times before market reversal.
Previous ATH:
Gasoline has just crossed above its all time high and entered a No resistance zone..!
In 2008, gasoline rose to a record $4.11 a gallon, which equates to $5.20 a gallon today adjusted for inflation.(The Wall Street Journal)
Increases in Gas price in the inflation era + geopolitical tensions will last longer than your expectations..!
I think in 2022, all US...
In the chart is the M2 adjusted price of gasoline matched to the current price. It measures the portion of total dollars it would take to purchase a gallon of gasoline. Essentially it's a chart of dollar strength in gasoline terms.
Chart up = strong gas, weak dollar.
Chart down = weak gas, strong dollar.
The white trendline in the center is the longterm linear...
