RBOB GASOLINE FUTURES (RB1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 3.3488
Pivot: 3.2843
Support : 3.1886
Preferred Case: On the H4, with prices moving above the ichimoku cloud and along the ascending trendline , we have a bullish bias that price will rise to the pivot at 3.2843 in line with the swing high resistance, 50% fibonacci retracement and 78.6% fibonacci projection . Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 3.3488 in line with pullback resistance, 61.8% fibonacci retracement and 161.8% fibonacci extension .
Alternative scenario: Alternatively, price may drop to the 1st support level at 3.1886 in line with the pullback support.
Fundamentals: Investors are worried interest-rate hikes will slow the economy as central banks get aggressive in combating inflation , giving us a lower demand for gasoline and resulting in a bearish view on gasoline. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 3.3488
Pivot: 3.2843
Support : 3.1886
Preferred Case: On the H4, with prices moving above the ichimoku cloud and along the ascending trendline , we have a bullish bias that price will rise to the pivot at 3.2843 in line with the swing high resistance, 50% fibonacci retracement and 78.6% fibonacci projection . Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 3.3488 in line with pullback resistance, 61.8% fibonacci retracement and 161.8% fibonacci extension .
Alternative scenario: Alternatively, price may drop to the 1st support level at 3.1886 in line with the pullback support.
Fundamentals: Investors are worried interest-rate hikes will slow the economy as central banks get aggressive in combating inflation , giving us a lower demand for gasoline and resulting in a bearish view on gasoline. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
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