Gasoline Futures (RB1!) H4 | Pullback Resistance at 38.2% Fibonacci Retracement
Gasoline Futures (RB1!) H4 | Pullback Resistance at 38.2% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 2.150
Pivot: 2.094
Support: 2.011
Preferred Case:
Looking at the H4 chart, the price is rising toward the pivot and could potentially make a bearish reversal off this level before falling toward the 1st Support at 2.011.
Alternative Scenario:
Price may break above the Pivot at 2.094 and rise toward the 1st Resistance at 2.150.
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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.