Type: Bearish MomentumKey Levels:Resistance: 3.6525Pivot: 3.5009Support: 3.1892Preferred 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.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/rbob-gasoline-futures-rb1-h4-potential-for-bearish-drop"
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