This time, Gasoil has a more defined structure, signalling that the advance will continue. The final shape is yet unknown. The terminating diagonal is solely included for illustration purposes.
Similar to WTI, I expect gasoil prices to take off almost immediately and through the roof.
Gasoil Elliott Wave story is less controversial than Crude Oil story . The price rests on Moving Averages support and Gasoil crack appears to be on an upward trend too. This suggests that refinery margins are likely to improve. In practice, this means that Gasoil prices are likely to grow faster than Oil prices, perhaps due to unsatisfied demand for diesel...
With today's vicious dip, Gasoil invalidated many alternative scenarios, and I am inclined to see a bullish trend accelerating.
This chart caught our attention recently. The Crude Palm Oil – Soybean Oil Spread (in USD per Metric Ton) is trading close to an all-time high now. This spells trading opportunity for us as Palm Oil and Soybean Oil are generally considered substitute products, which means, at a large enough price difference, buyers may hop over to buy the cheaper one....
The mainstreams media hype with Russia cuttoff oil will be over soon... as crude oil is properly working out head and shoulders pattern
From a technical point of view, GAS OIL could develop a harmonic structure as shown on the chart. If you think our analyzes are useful, support us with a simple "Like", thank you and trade with care! Cheers.
Gas Oil futures price is currently testing the 61.8% retracement of the previous uptrend and this also happens to be a zone almost in confluence with the support zone. The price also seems to be forming a symmetrical triangle on the upper timeframes, therefore we should watch how the price tests those support and resistance zones, as those areas can provide good...
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We have been following oil for long now. THe 50 moving average is crossing the 200, under a key level and after a lot of bearish momentum. It is a great opportunity to sell if we see some kind of retrace anf mini flag formation. Trade save guys!