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Gasolinetrading

GASOLINE: Turned bullish on 4H as the MA50 held.Gasoline turned bullish on its 4H technical outlook (RSI = 56.424, MACD = 0.010, ADX = 32.938) as it rebounded strongly on the 4H MA50. The overall pattern looks very much like the October 2nd 4H MA50 rebound, which rose to almost the 2.0 Fibonacci extension. That is our Target (TP = 2.1650), just under the R1 level. ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
NYMEX:RB1!Long
by InvestingScope
GASOLINE: Over the 1D MA50, estabilising the new rally.Gasoline is on a neutral 1D technical setting (RSI = 51.588, MACD = -0.026, ADX = 46.131) as it only crossed over the 1D MA50 on Monday. That was after a 3 week consolidation between the 1D MA50 and the 1D MA200, which held and kept the price over the bottom of the long term Channel Up. We consider this breakout as the final confirmation of the new rally to the top of the Channel Up. Buy and aim at a rise close to +30% (TP = 3.200). ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
NYMEX:RB1!Long
by InvestingScope
Big things move slowly. How long Gasoline momentum can keep up?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 too high to keep up. The gasoline market is ready for a big correction. The more it stays without a correction, the sharper the drop will be. It has rejected once from the horizontal resistance level however briefly recovered. For the past few weeks, the price has been increasing slowly. In the short to medium term, gasoline will be a bearish market. This is just an idea, not financial advice.
NYMEX:RB1!Short
by titusj
Gasoline: Repeating a 1980s pattern. Major bullish break ahead.We have discovered a 1980s pattern on Gasoline (RB) that is strikingly simalar the recent candle action on 1W. We are rather puzzled though as to which point of the 1980s sequence we are currently at. In 1980s the Golden Cross (MA50 over MA200) emerged after a Double Bottom. Currently we are past that Golden Cross and the price is approaching the last low on a sequence bearing many similar characteristics with the old pattern. This leads us to believe that the Golden Cross is irrelevant on this pattern and that the price mostly follows the trend of the 1W MA50 into similar benchmarks of the 1980 pattern. For that reason it may be viable to start taking long positions with a projected Target Zone of 2.5000 - 2.8000. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
NYMEX:RB1!Long
by InvestingScope
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Gasoline (RB1!): Bullish reversal.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 extremely positive if the MA50 turns into a support now. The long term TP is 1.9000. ** If you like our free content follow our profile (www.tradingview.com) to get more daily ideas. ** Comments and likes are greatly appreciated.
NYMEX:RB1!Long
by InvestingScope