Gasoline Futures (RB1!) H4 | Falling to Overlap Support at 38.2% Fibonacci Retracement
Gasoline Futures (RB1!) H4 | Falling to Overlap Support at 38.2% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 2.021
Pivot: 1.972
Support: 1.934
Preferred Case:
Looking at the H4 chart, the price is falling towards an overlap support where it could potentially make a bullish bounce off this level to rise towards the 1st Resistance at 2.021.
Alternative Scenario:
Price may break below the Pivot at 1.972 and fall towards the 1st Support at 1.934.
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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.