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Futures and options trading contain substantial risk of loss and may not be suitable for all investors.
We thought these weekly Crude Oil and RBOB Gasoline charts were very worth noting. Both are exhibiting weekly reversal potential and in the case of the RBOB one that may be more of the sweeping variety.
Also of significance are the Fibonacci retracement levels. In the case of the RBOB its high so far is almost right on the .500 line. And what adds to the significance or perhaps the potential significance, is that from that level the price appears to be halting abruptly and reversing course. For the Crude Oil it may be a sign of relative weakness as compared to the RBOB Gasoline in that it is showing signs of failing from a price level far shorter of the .500 retracement.
These are situations that may provide substantial trade opportunities and we thought you should know. Anyone interested in further discussion can give us a shout. We’d be happy to hear from you.
Good trading to all
Jeff
CB&S
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