Gasoline Prices Remain High as OPEC Holds Back on Output
Updated
FxNews—Gasoline trades bullishly above the 100-period SMA, with $2.04 as the immediate support. If this level holds, the next bullish target could be $2.094.
On the other hand, a drop below the 38.2% Fibonacci level should cancel the bullish outlook. If this scenario unfolds, the gasoline price could potentially drop to $2.01.
On the other hand, a drop below the 38.2% Fibonacci level should cancel the bullish outlook. If this scenario unfolds, the gasoline price could potentially drop to $2.01.
Note
Gasoline hit the $2.094 target as expected. The bears added pressure, resulting in a minor consolidation in the price.
The immediate resistance at $2.094 remains valid. A close above this level will likely initiate a new bullish wave that could extend to the 61.8% Fibonacci retracement level at $2.11.
Trade closed: target reached
The $2.09 target reached. 
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