Type:
Bearish Momentum
Key Levels:
Resistance: 3.6525
Pivot: 3.5009
Support: 3.1892
Preferred Case:
On the H4, with price moving below the ichimoku cloud and along the descending trendline, we have a bearish bias that price will rise and drop from the pivot at 3.5009 in line with the overlap resistance to the 1st support at 3.1892 where the 61.8% fibonacci projection and swing low support are.
Alternative Scenario:
Alternatively, price may break pivot structure and rise to the 1st resistance at 3.6525 where the pullback resistance, 100% fibonacci projection and 78.6% fibonacci retracement are.
Fundamentals:
U.S. gasoline demand is down roughly 4.5% from last week, giving us a bearish bias on gasoline.
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Written by Desmond Leong
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.
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Source: Tickmill