Gasoline May Be Offering a Trading Opportunity With Its Cross Above Its 50 Moving Average

The Hourly View for Gasoline

  • At the moment, XB1’s price is up $0 (0.08%) from the hour prior.
  • This move is a reversal from the hour prior, which saw price move down.
  • If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe.
  • Price action traders may also wish to note that we see some doji and pin bar candlestick patterns 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.
  • 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.

XB1

The Daily View for Gasoline

  • At the moment, XB1’s price is down $-0.02 (-0.98%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as Gasoline has now gone down 4 of the past 5 days.
  • As for the trend on the daily timeframe, we see the clearest trend on the 100 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on Gasoline. Given that we see downtrend on the 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • Most noteworthy in the world of moving averages on the daily chart is that the 50 day moving average has been crossed, so that price is now turning below it. The moving averages on the daily 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.
  • 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