Gasoline Futures (RB1!) H4 | Bullish Momentum to Extend Further?
Gasoline Futures (RB1!) H4 | Bullish Momentum to Extend Further?
Type:
Bullish Rise
Key Levels:
Resistance: 2.16
Pivot: 2.08
Support: 2.02
Preferred Case:
Looking at the H4 chart, my overall bias for gasoline futures (RB1!) is bullish due to the price reversing off a 50% Fibonacci retracement to bounce higher; the green Ichimoku Cloud adds further significance to the strength of the bullish momentum. The price could rise beyond the Pivot towards the 1st Resistance at 2.16.
Alternative Scenario:
Price may reverse off the Pivot at 2.08 and fall towards the 1st Support at 2.02.