Gasoline Futures (RB1!) H4 | Overlap Resistance at 161.8% Fibonacci Extension
Gasoline Futures (RB1!) H4 | Overlap Resistance at 161.8% Fibonacci Extension
Type:
Bearish Reversal
Key Levels:
Resistance: 2.288
Pivot: 2.200
Support: 2.076
Preferred Case:
Looking at the H4 chart, the price could rise towards an overlap resistance and stall around this level before reversing to fall toward the 1st Support at 2.076.
Alternative Scenario:
Price may break above the Pivot at 2.200 and rise toward the 1st resistance at 2.288.
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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.