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TFC Commodity Trading Forum

Gasoline/ Still has Upside Potential *PIC*

Gasoline futures have been spinning its wheels at this 2.38 resistance area since 1st tagging it in early March. Price has cleared it but been unable to hold above. Price is now breaking below the uptrendline of the rally with technicals rolling over with a loss of momentum and negative diverges showing on the oscillators. While the chart is beginning to look like its topping out and beginning to breakdown odds favor price to continue higher. Since 1999 Gasoline futures have rallied from early in the new year each and every year. Most years price tops out from the end of April to the end of June. The only exceptions have been 2002 & 2005 topping out in early April and 2003 topping out in early March. All other years price ran up to early May or well into June. Add to that the fundamental fact that some refineries have been shut down with none being built for decades and odds favor more upside into the May/June time frame. Bottom line: Watch the chart for a breakdown that holds below the uptrendine and 20ema to confirm a top in Gasoline.. Price is at a critical point now that could find support here and catch fire on the upside once again. Meanwhile keep your gas tank filled................................

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Gasoline/ Still has Upside Potential *PIC*
Re: Gasoline/ Still has Upside Potential
Re: Gasoline/ Gold Stks/Gold Ratio/STR *PIC*