Gasoline Futures (RB1!) H4 | Approaching to Swing-low Support
Type:
Bullish Reversal
Key Levels:
Resistance: 2.11
Pivot: 2.03
Support: 1.98
Preferred Case:
Looking at the H4 chart, the stochastic oscillator is indicating a potential 'Oversold' condition as the price approaches a swing-low support - a level where a bullish reversal has taken place previously. It could stabilize around the Pivot before reversing to bounce towards the 1st Resistance at 2.11.
Alternative Scenario:
Price may break below the Pivot at 2.03 and fall towards the 1st Support at 1.98.
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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.