RBOB: Jan Likely to Drop Again

MrTopStep.com

RBOB

RBOB S2 S1 CLOSE R1 R2 TREND
DAILY 25525 25900 25981 26400 26700 DOWN
WEEKLY 24440 25375 25974 27530 28350 DOWN

 

Daily Moving Averages: 21, 55, & 100:2.6996, 2.7671, 2.8632

Weekly Moving Averages: 21, 55, & 100: 2.8868, 2.9055, 2.8883

Although Jan marginally broke the minor upside pivot at 2.6350, it quickly returned to the negative pattern from last week.

  • Jan should have another move to the downside that is likely to test 2.59.
  • A break of 2.5850 will give Jan the possibility to see 2.5550 to 2.55.
  • This market continues to be under pressure from the dual effects of increasing inventories and plunging demand.
  • Although we wish to sell the rally on Tuesday, the pattern on the hourly chart suggests it will not rally much before its move to 2.59 or below is seen.
  • The key upside pivot to the intraday chart is 2.64.
  • There is minor resistance at 2.6050 to 2.61.
  • The minor upside pivot is 2.6150.
  • Although we wish to sell the rally, there is not a pivot close to a key resistance point in order to take the trade.

Mogas

Mogas / Stanton Analytics

 

Mogas Weekly

Mogas Weekly / Stanton Analytics

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