We are now well into the driving season with additional incentive moving the crack margins upwards: namely the loss of the Philadelphia PES Refinery -ve 335 kbbl capacity and no obvious solution to the shipping risk in the Straits of Hormuz. RBOB has been very responsive to a simple channel moves for many months. There is no need to over complicate RBOB. It's a...
Gasoline made two important break outs this week: 1) above the 1D Lower High trend line and 2) the 1.7659 4H Resistance. Trading now on standard bullish set up (RSI = 62.821, MACD = 0.013, Highs/Lows = 0.0339), a Channel Up may emerge if the 1.7868 Resistance is rejected. If broken then the uptrend will most likely continue until it reaches the MA200. It will be...
Shorting RBOB ( Gasoline ) at 2.15.
This is largely based on a technical situation:
Two (2) fib levels confluence
88.8% ( MAY ’18 -> DEC ‘18 )
1.27% ( MAR ’19 -> APR ‘19 )
One ( 1 ) notable Fib “Time” Level ( 1.382% FEB ’16 -> MAY ’18 ( Bullish Retrenchment ) )
Mid ’18, Aug ’17 & Jun ‘15
RSI ( Daily Chart ) topped...
This is a long term analysis on Gasoline on the 1W chart. We are trying to determine where this aggressive buying sequence that started at the end of December will stop.
The previous similar sequence stopped just below the 0.618 Fibonacci retracement level. Then it bottomed just under the 0.500 level and consolidated before it resumed the uptrend.
We expect a...
No long explanation here, a rising channel in gasoline which will break to the downside so we are not yet cleared for bull trend just yet, same goes for crude oil as gasoline market trails crude, though sometimes ahead of crude in movement.
HELPFUL VIDEOS TO TEACH YOU: