Gasoline futures stable while WTI swings $UGA $USOPrompt-month RBOB futures have been very quiet relative to the antics in oil. 75 cents appears to be very important.
A7L1! trade ideas
Gasoline Futures See 0.7250 Resistance Level as Prices Retrace- Gasoline has paired some gains heading into the new week with it falling down to the 0.6570 level as we near the London open.
- Much of the pressure in lower prices has been due to the ongoing demand issues we are seeing within the United States, however, we have seen prices in recent week pick up from lows around mid-0.40 level.
- As of this week, however, we have seen prices retrace lower after touching a key level of resistance around the 0.7250 level.
RB1! Downtrend Above 40 RSIRBOB Gasoline Futures is in a strong downtrend, and the price broke above the 40 RSI line on the daily chart . Therefore, we can anticipate an upward retracement into a quality supply zone . I used a volume profile to find the area with the heaviest volumes within that same daily zone.
Gasoline Falls in Asia + Stock Futures Fall in Europe & USHeadlines:
• Crude Finishes Flat Whilst Gasoline Futures Drop -6% Within Asia
• CNOOC Announces the Postponement of its Canadian East Coast Project Due to Covid-19
• US Futures Fall as Virus Concerns Reappear Whilst Asia Starts the Quarter Off Lower
Gasoline Continues Down -31% on Monday Close as Demand FallsHeadlines
• Further Oil & Gas Companies Announce Expenditure Cuts with TOTAL Set to Cut into the Year
• Gasoline Continues Its Plummet Down -31% on Monday Close
• UK Closes Non-Essential Business as Countries Go into Quarantine to Slow Spreads
EIA Crude Stock Continues + Gasoline & Distillate Stock DropsHeadlines:
• EIA Crude Inventory See Stockpiles Continues Whilst Gasoline & Distillate Stock Drops
• Surging Indexes Spurred on by Stimulus Measures with S&P500 +4.22%
• Coronavirus Cases Slow Down in China Whilst See Rises in Italy & Iran
Gasoline Down + Oil Extends Losses in Asia With Crude DownHeadlines:
• Crude Extends its Losses in Asia With NYMEX Crude Down -3.16% + RBOB Gasoline Down -3.29%
• UN Secretary General Calls for Immediate Ceasefire After 33 Turkish Soldiers Killed in Idlib
• Asian Equities Feel Full Force of Sell Pressure with Nikkei225 Down -4.60%
RBOB Gasoline Futures Sitting at Important 1.5900-1.6000 ZoneHeadlines
• RBOB Gasoline Futures Sitting at Important 1.5900-1.6000 Zone
• Natural Gas Surges on Open Gapping Up +3%
• Japan Releases Disappointing GDP (-1.6%) for the Quarter Seeing Japanese Indexes Drop
• US Set to Observe Presidents Day Holiday During Monday
