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RBOB Gasoline Commodity Forecast

$2.54
+0.0049 (+0.193%)
At Close: May 08, 2024
RSI low/high Values: [ 25 - 75 ]
* StockInvest.us uses dynamically calculated RSI max/min levels to determine when stock is oversold or overbought based on historical behavior.
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RBOB Gasoline commodity price up 0.193% on Wednesday
(Updated on May 08, 2024)

Sell candidate since Apr 30, 2024 Loss -5.14% PDF

The RBOB Gasoline commodity price gained 0.193% on the last trading day (Wednesday, 8th May 2024), rising from $2.54 to $2.54. During the last trading day the commodity fluctuated 0.0039% from a day low at $2.54 to a day high of $2.54. The price has been going up and down for this period, and there has been a -7.37% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 26 more shares were traded than the day before. In total, 53 shares were bought and sold for approximately $134.72 .

The commodity lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $2.48 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the commodity is expected to rise 9.30% during the next 3 months and, with a 90% probability hold a price between $2.71 and $3.16 at the end of this 3-month period.

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RBUSD Signals & Forecast

RBOB Gasoline has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The RBOB Gasoline commodity holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $2.58 and $2.71. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 04, 2024, and so far it has fallen -9.33%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for RBOB Gasoline commodity

RBOB Gasoline finds support from accumulated volume at $2.51 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This commodity has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the commodity moved $0.0001 between high and low, or 0.0039%. For the last week, the commodity has had daily average volatility of 0.0670%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (RBUSD) For The Upcoming Trading Day Of Thursday 9th

For the upcoming trading day on Thursday, 9th we expect RBOB Gasoline to open at $2.54, and during the day (based on 14 day Average True Range), to move between $2.50 and $2.58, which gives a possible trading interval of +/-$0.0401 (+/-1.58%) up or down from last closing price. If RBOB Gasoline takes out the full calculated possible swing range there will be an estimated 3.16% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $2.51 (1.28%) than the resistance at $2.69 (5.64%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is RBOB Gasoline commodity A Buy?

The RBOB Gasoline commodity holds several negative signals and despite the positive trend, we believe RBOB Gasoline will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this commodity.

Current score: -3.389 Sell Candidate Unchanged

Predicted Opening Price for RBOB Gasoline of Thursday, May 9, 2024

Fair opening price May 9, 2024 Current price
$2.54 ( 0.0013%) $2.54

The predicted opening price is based on yesterday's movements between high, low, and closing price.

Trading levels for RBUSD

Fibonacci Support & Resistance Levels

Level Price
Resistance R3 2.54 0.0026 %
R2 2.54 0.0011 %
R1 2.54 0.0002 %
Current price: 2.54
Support S1 2.54 -0.0028 %
S2 2.54 -0.0037 %
S3 2.54 -0.0052 %

Accumulated Volume Support & Resistance Levels

Level Price
Resistance R3 2.72 6.98 %
R2 2.72 6.89 %
R1 2.69 5.64 %
Current price 2.54
Support S1 2.51 -1.28%
S2 2.51 -1.31%
S3 2.34 -7.96%

FAQ

What is the symbol for RBOB Gasoline Commodity and on which exchange is it traded?
The symbol for RBOB Gasoline is RBUSD and it is traded on the COMMODITY (Commodities).

Should I buy or sell RBOB Gasoline Commodity?
The RBOB Gasoline commodity holds several negative signals and despite the positive trend, we believe RBOB Gasoline will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this commodity.

How to buy RBOB Gasoline Commodity?
RBOB Gasoline Commodity can be purchased through just about any brokerage firm, including online brokerage services.
Click here for our free guide on how to buy RBOB Gasoline Commodity.

What's the current price of RBOB Gasoline Commodity?
As of the end of day on the May 08, 2024, the price of an RBOB Gasoline (RBUSD) share was $2.54.

What is the 52-week high and low for RBOB Gasoline Commodity?
The 52-week high for RBOB Gasoline Commodity is $2.96 and the 52-week low is $1.97.
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