Gasoline Does it Again: Heads Up for the 2nd Straight Day

The Hourly View for Gasoline

  • At the time of this writing, XB1’s price is down $0 (-0.07%) from the hour prior.
  • This is a reversal of the price action on the previous hour, in which price moved up.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Gasoline. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Of note is that the 20 hour changed directions on XB1; it is now pointing up. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

Gasoline’s hourly price chart is shown below.

XB1

The Daily View for Gasoline

  • At the moment, XB1’s price is up $0.01 (0.52%) from the day prior.
  • Gasoline has seen its price go down 4 out of the past 5 days, thus creating some compelling opportunities for bears.
  • If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 day timeframes.
  • Of note is that the 100 day changed directions on XB1; it is now pointing up. 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.

XB1