{"id":12348,"date":"2022-08-03T08:12:11","date_gmt":"2022-08-03T08:12:11","guid":{"rendered":"https:\/\/tradingshot.com\/?p=12348"},"modified":"2023-05-12T08:14:10","modified_gmt":"2023-05-12T08:14:10","slug":"gasoline-head-and-shoulders-likely-to-turn-long-term-bearish","status":"publish","type":"post","link":"https:\/\/tradingshot.com\/index.php\/2022\/08\/03\/gasoline-head-and-shoulders-likely-to-turn-long-term-bearish\/","title":{"rendered":"GASOLINE Head and Shoulders likely to turn long-term bearish"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Gasoline (RB1!) has been rising since the March 2020 bottom on a straight Channel until late February 2022 where war and inflation worries turned it parabolic as illustrated by the use of the Fibonacci Channel extensions. Following the June 06 market top, a Head and Shoulders (H&amp;S) pattern was formed that hit (and so far rebounded on) the 1D MA200 (orange trend-line), a level touched for the first time since December 23 2021.<\/p>\n<p>A break below the Support, should target the lower extension of the 1D MA300 (green trend-line), if not a retest of the Shoulder Resistance and potentially rejection on the 1D MA50 (blue trend-line) would initiate the 1D MA300 drop.<\/p>\n<p>This trend-line has been Gasoline&#8217;s Support since December 08 2020. This however may be the perfect opportunity to break it finally as the H&amp;S pattern typically end such parabolas in fashion to at least the 0.618 Fibonacci Retracement level. Interestingly enough, that happens to be currently on the 1W MA200 (red trend-line).<\/p>\n<p>&nbsp;<\/p>\n<p>Tradingview link:<\/p>\n<p><a href=\"https:\/\/www.tradingview.com\/chart\/RB1!\/b3nJzp0B-GASOLINE-Head-and-Shoulders-likely-to-turn-long-term-bearish\" target=\"_blank\" rel=\"noopener\">https:\/\/www.tradingview.com\/chart\/RB1!\/b3nJzp0B-GASOLINE-Head-and-Shoulders-likely-to-turn-long-term-bearish<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Gasoline (RB1!) has been rising since the March 2020 bottom on a straight Channel until late February 2022 where war and inflation worries turned it parabolic as illustrated by the use of the Fibonacci Channel extensions. Following the June 06 market top, a Head and Shoulders (H&amp;S) pattern was formed that hit (and so<\/p>\n","protected":false},"author":611,"featured_media":12349,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1638],"tags":[],"class_list":["post-12348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities"],"_links":{"self":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12348","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/users\/611"}],"replies":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/comments?post=12348"}],"version-history":[{"count":2,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12348\/revisions"}],"predecessor-version":[{"id":12351,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/posts\/12348\/revisions\/12351"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media\/12349"}],"wp:attachment":[{"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/media?parent=12348"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/categories?post=12348"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradingshot.com\/index.php\/wp-json\/wp\/v2\/tags?post=12348"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}