RBOB GASOLINE - WEEKLY - RESISTANCE LEVEL
GASOLINE capped again at 2.9100?
A Forex trading technical analysis video showing the trading range that has contained the front month rolling futures contract since April, support lying neatly at 2.7000 and resistance at 2.9100 and again at 2.9800 on the weekly chart, the mid-point of the very broad range that started at the beginning of 2011. For the moment we shall assume that the immediate range will hold but small recent changes in price action are worth noting. On the daily chart we have three white soldiers - a bullish signal - which make up a big bullish Marabuzo candlestick on the weekly chart (the biggest weekly rally since the beginning of February). Moving averages are a mess as they were designed for markets that are trending.
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