The Hourly View for Gasoline
- At the moment, XB1’s price is down $0 (-0.04%) from the hour prior.
- This move is a reversal from the hour prior, which saw price move up.
- If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
- Price action traders may also wish to note that we see a doji candlestick pattern on Gasoline. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. With that said, traders should also note the downtrend on the 10 hourly candle timeframe, so the meaning of the candles may require further exploration.
- The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
Gasoline’s hourly price chart is shown below.
The Daily View for Gasoline
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- It’s been a feast for bears operating on the daily timeframe, as Gasoline has now gone down 4 of the past 5 days.
- From a daily perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 day timeframes.
- The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
- Divergence between XB1’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in XB1’s price.
Below is a daily price chart of Gasoline.