The main view of this trade idea is on the 4-Hour Chart. Gasoline futures (RBOB) appears to be in a bearish flag pattern setup. The pole of the flag can be seen from the sharp decline from 2.55 highs to the initial low at 2.31. Then RBOB began to gingerly channel lower and is currently retesting the 2.31 support level. If RBOB breaks below that...
In_Flay_Shun - EX - Food & Energy isn't working out too well.
The Trend it is said - IS Your Friend
October 25, 2021 3.476
October 18, 2021 3.416
October 11, 2021 3.36
October 04, 2021 3.285
September 27, 2021 3.271
September 20, 2021 3.28
September 13, 2021 3.262
September 06, 2021 3.273
August 30, 2021 3.237
August 23, 2021 3.243
Cowen on Crude: "We forecast a 1.8MM bbl crude build, in-line with API and seasonal historical levels. Imports could increase 0.4MM bpd w/w while exports fall 0.4MM bpd. We estimate that refinery throughput will increase 0.1MM bpd w/w. The production adjustment could fall 0.1MM bpd w/w."
On Gasoline: "We forecast a 3.9MM bbl gasoline draw compared to API's 0.5MM...
Prices are soaring amid a spike in the price of oil, which is refined into gas for cars. The national average price of gas has been at a seven-year high in recent days. Technically price is breaking the next key zone and going up. Price has touched this key zone multiple times since 2011:
04-Oct-2011, 23-Nov-2011, 19-Dec-2011, 29-Jun-2012, 07-Nov-2013,...
Put away those Oklahoma Credit Cards,
Gasoline Prices appears set to soften.
Rallies post 13th August have Bear Market characteristics.
Subtle though market is also making lower highs.
*Short ideas are SELL ideas only, don't support outright short selling.*
Peek the detailed breakdown notes
in the high def chart links below...
Oil, Gasoline etc quite over bought, we need a correction.
Lets take this down to 2.175 and re assess. i imagine there will be a pause there before any further falls.
Dont expect downward movement to last long though, oil is very strong generally... so its quite risky shorting, but i can let this opportunity go with a tight stop loss.
I hate to be on the short side of anythign related to oil at the moment, but gasoline has shown some weakness so im going to take a punt on this.
The wedge on gasoline should come to a breakout shortly,. giving a SHORT target to 2.13 at least.
Gasoline seems to be topping out. I was surprised that it exceeded the previous high actually.
Moomentum is slowing down, MACD and RSI showing divgernces with the price.
Expect price to retrace down by about 61% of the up move.
Target = 2.11
The gasoline market is huge and primarily depends on the Oil market which is even larger. When a big market shows a very high momentum most likely it is driven by speculations instead of real demand/supply based on usage (when things are normal).
We can see a sharp price increase from March 2020. The price has faced only one major correction, and the rate looks...
Gasoline futures at resistance.
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