GASOLINE Short-term buy. Sell at the right time.
Gasoline (RB1!) is on a 3-day bullish 1D candle run after testing and holding the 1D MA50 (blue trend-line) this week for the first time since February 05. On the wider scale, this is the Bullish Leg of the 18-month Channel Down and it is approaching its top (Lower Highs trend-line).
As you can see, the Bullish Legs of this pattern share a certain degree of symmetry, so as it happened on April 12 2023, we expect the new Lower High to be priced near the 1.236 Fibonacci extension. That will also touch the internal Higher Highs trend-line. The symmetrical 1D MACD Bullish Cross of March 27 2023, was a signal that the Bullish Leg will soon come to an end.
As a result, on the 1.236 Fib we will turn bearish and target the bottom of the (dotted) Channel Up at 2.6000.
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As you can see, the Bullish Legs of this pattern share a certain degree of symmetry, so as it happened on April 12 2023, we expect the new Lower High to be priced near the 1.236 Fibonacci extension. That will also touch the internal Higher Highs trend-line. The symmetrical 1D MACD Bullish Cross of March 27 2023, was a signal that the Bullish Leg will soon come to an end.
As a result, on the 1.236 Fib we will turn bearish and target the bottom of the (dotted) Channel Up at 2.6000.
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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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