RBOB GASOLINE FUTURES (RB1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 3.3488
Pivot: 3.2843
Support : 3.1886
Preferred Case: On the H4, with prices moving above the ichimoku cloud and along the ascending trendline , we have a bullish bias that price will rise to the pivot at 3.2843 in line with the swing high resistance, 50% fibonacci retracement and 78.6% fibonacci projection . Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 3.3488 in line with pullback resistance, 61.8% fibonacci retracement and 161.8% fibonacci extension .
Alternative scenario: Alternatively, price may drop to the 1st support level at 3.1886 in line with the pullback support.
Fundamentals: Investors are worried interest-rate hikes will slow the economy as central banks get aggressive in combating inflation , giving us a lower demand for gasoline and resulting in a bearish view on gasoline. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 3.3488
Pivot: 3.2843
Support : 3.1886
Preferred Case: On the H4, with prices moving above the ichimoku cloud and along the ascending trendline , we have a bullish bias that price will rise to the pivot at 3.2843 in line with the swing high resistance, 50% fibonacci retracement and 78.6% fibonacci projection . Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 3.3488 in line with pullback resistance, 61.8% fibonacci retracement and 161.8% fibonacci extension .
Alternative scenario: Alternatively, price may drop to the 1st support level at 3.1886 in line with the pullback support.
Fundamentals: Investors are worried interest-rate hikes will slow the economy as central banks get aggressive in combating inflation , giving us a lower demand for gasoline and resulting in a bearish view on gasoline. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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