RBOB Gasoline Commodity Forecast

RBOB Gasoline commodity upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)

RBUSD Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, May 14, 2024, and so far it has risen 4.66%. Further rise is indicated until a new top pivot has been found. 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 a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the commodity giving a more negative forecast for the stock. On further gains, the commodity will meet resistance from the long-term Moving Average at $2.67. On a fall, the commodity will find some support from the short-term average at $2.52. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 $2.55 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 $0.0385 between high and low, or 1.52%. For the last week, the commodity has had daily average volatility of 0.340%.

Our recommended stop-loss: $2.46 (-4.72%) (This commodity has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 3 days ago.)

Trading Expectations (RBUSD) For The Upcoming Trading Day Of Monday 20th

For the upcoming trading day on Monday, 20th we expect RBOB Gasoline to open at $2.57, and during the day (based on 14 day Average True Range), to move between $2.54 and $2.62, which gives a possible trading interval of +/-$0.0386 (+/-1.50%) up or down from last closing price. If RBOB Gasoline takes out the full calculated possible swing range there will be an estimated 2.99% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at $2.55 (1.04%) than the resistance at $2.69 (4.16%), 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?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for RBOB Gasoline commodity to perform well in the short-term. We have upgraded our analysis conclusion for this commodity since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.652 Buy Candidate Upgraded

Predicted Opening Price for RBOB Gasoline of Monday, May 20, 2024

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