Gasoline Futures (RB1!) H4 | Potential Bullish Bounce off 61.8% Fibonacci Support
Gasoline Futures (RB1!) H4 | Potential Bullish Bounce off 61.8% Fibonacci Support
Type:
Bullish Reversal
Key Levels:
Resistance: 2.16
Pivot: 1.98
Support: 1.89
Preferred Case:
Looking at the H4 chart, the price has made a bullish reversal off the 61.8% Fibonacci retracement and it could bounce higher towards the 1st Resistance at 2.16.
Alternative Scenario:
Price may break below the Pivot at 1.98 and fall towards the 1st Support at 1.89.
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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.