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Brent vs. WTI spread continues to remain strong and pulling up the value of Gulf Coast crude, which in turn is driving erosion in Gulf Coast crack margins (represent by blue line on the chart). Valero stock price (candlesticks on the chart) is reacting to deteriorating refined products margins. Bearish until crack spreads reverse course.
We think it is worth to have an eye on this crack spread between gasoline and heating oil. The reason is simple: this spread is close to its lower end of the range and therefore close to its extreme. We will buy this spread when the spread reached -0.40. In this case, we buy RB and sell HO.
Medium to long term contract....I'm Shorting !
Short RB1! @ 1.9603
RSI 14 cross below 40.
Moderate down trend strength. Below SMA 50, below SMA 150. RSI14 crossed below 40.
Gasoline is trading sideways within a 1.9950 - 2.1890 Rectangle on 1D. The neutral 1W RSI = 47.963, ADX = 14.795 but most importantly its High Volatility (ATR = 0.1150) should keep the sideways trade intact. We are long, TP = 2.1295.
RSI 14 cross below 40 level. I believe more downside in the near term.
Short Position (EP) : 2.0840
Stop Loss (SL) : 2.1017
Take Profit (TP) : 1.9881, 1.9002
RB formed Double Repo Failure Sell at 1d time frame. Trade setup with Sell Limit at 0.382 Level (2.0840) and place stop after 0.618 level (2.1017). Once the position was hit, place take profit before an agreement (1.9881) and 1.9002
We are targetting 1.866 as nekline for the first move
Gasoline long in bull channel
Gas Futures Plummeted after tremendous break due to Hurricane harvey. After the plumet price did drop right ontop of 100EMA, a possible sign of strong support here to see it test upper channel once more. If all goes well, selling upper rejection is the plan.
CTF - RB1!
Chart timeframe - 4hr
Area of interest - 1.8275 ...
RBOB GASOLINE friday 25Aug17 price action gives a string bear signal. Price will gravitate towards the bear 1/1 Gann line. Probability H.
Rally into bad weather coming this wkend...
After a very profitable rally across the oil complex over the past 4 weeks, it is time to tighten up stops to secure profits and position on the short side. At present we don't know whether this pullback will be a Wave 2 correction and will make a higher low in a ongoing uptrend, or whether the current rally was merely a bear rally that ended at a lower high ...
There are three if/else statements with this trade.
If price fills the gap set on December 2nd and shows signs of buying, go long.
Else, stay flat and wait.
If price reaches purple region as indicated in chart, go short.
Else, stay flat.
If price reaches "Buy Here" level, buy there.
- Odds are we will see some action in this trade as long as price does ...
waiting for gasoline long
Gas is the weakest link.
New January contracts spread look to go down. Setup is not so clear, so I prefer to wait outside.