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.