Gasoline Futures (RB1!) | H4 Approaching Pullback Support
Type:
Bullish Bounce
Key Levels:
Resistance: 2.646
Pivot: 2.549
Support: 2.496
Preferred Case:
Looking at the H4 chart, my overall bias for Gasoline futures (RB1!) is bullish as this commodity continues to trade within a bullish channel and remains above the bullish Ichimoku cloud. With price falling towards the pivot, it could potentially stabilize around this level before reversing to bounce higher and resume the uptrend.
Alternative Scenario:
Price may break below the pivot at 2.549 and fall towards the 1st support level at 2.496.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.