GASOLINE sits 4 straight months on the Support. Expect rebound
Gasoline (RB1!) has been trading on the 4-year Support Zone for 4 straight months, forming a confirmed technical bottom. The September 09 Low was also on the Lower Lows of the long-term Falling Wedge, which makes the probabilities of a rebound even stronger.
At the same time, the 1W RSI bounced from oversold territory (below 30.00) and has stabilized back above its MA trend-line, confirming a bullish reversal. In addition, the 1W MACD just formed a Bullish Cross, with the previous 2 such formations since January 2023 aligning with the Wedge's Bullish Legs.
The previous Lower Lows bottom reached marginally above the 0.786 Fibonacci retracement level. As a result we remain committed to our long-term Target of 2.600 (below also the Lower Highs trend-line), which we expect to get hit within the next 4 months.
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At the same time, the 1W RSI bounced from oversold territory (below 30.00) and has stabilized back above its MA trend-line, confirming a bullish reversal. In addition, the 1W MACD just formed a Bullish Cross, with the previous 2 such formations since January 2023 aligning with the Wedge's Bullish Legs.
The previous Lower Lows bottom reached marginally above the 0.786 Fibonacci retracement level. As a result we remain committed to our long-term Target of 2.600 (below also the Lower Highs trend-line), which we expect to get hit within the next 4 months.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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