RBOB GASOLINE FUTURES (RB1!), H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 3.4808
Pivot: 3.3401
Support : 3.2003
Preferred Case: On the H4, with prices bouncing off the ichimoku indicator and moving along the ascending trendline while the RSI is moving along an ascending trendline, we have a bullish bias that price will rise to the pivot at 3.3401 in line with the swing high resistance and 78.6% fibonacci projection. Once there is upside confirmation of price breaking the pivot structure, we would expect bullish momentum to carry price to 1st resistance at 3.4808 where the swing high resistance and -61.8% fibonacci expansion are.
Alternative scenario: Alternatively, price may drop to the 1st support level at 3.2003 in line with the swing low support and 78.6% fibonacci projection.
Fundamentals: No Major News
Resistance : 3.4808
Pivot: 3.3401
Support : 3.2003
Preferred Case: On the H4, with prices bouncing off the ichimoku indicator and moving along the ascending trendline while the RSI is moving along an ascending trendline, we have a bullish bias that price will rise to the pivot at 3.3401 in line with the swing high resistance and 78.6% fibonacci projection. Once there is upside confirmation of price breaking the pivot structure, we would expect bullish momentum to carry price to 1st resistance at 3.4808 where the swing high resistance and -61.8% fibonacci expansion are.
Alternative scenario: Alternatively, price may drop to the 1st support level at 3.2003 in line with the swing low support and 78.6% fibonacci projection.
Fundamentals: No Major News