Gasoline Futures (RB1!) H1 | Rising into Pullback Resistance
Gasoline Futures (RB1!) H1 | Rising into Pullback Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 2.18
Pivot: 2.05
Support: 1.89
Preferred Case:
Looking at the H4 chart, my overall bias for gasoline futures (RB1!) is bearish due to the price trading in a prolonged downtrend and the presence of a bearish Ichimoku Cloud. The price could rise towards the Pivot and stall around this level before reversing to drop towards the 1st Support at 1.89.
Alternative Scenario:
Price may break above the Pivot at 2.05 and rise towards the 1st Resistance at 2.18.