Big things move slowly. How long Gasoline momentum can keep up?
The gasoline market is huge and primarily depends on the Oil market which is even larger. When a big market shows a very high momentum most likely it is driven by speculations instead of real demand/supply based on usage (when things are normal).
We can see a sharp price increase from March 2020. The price has faced only one major correction, and the rate looks too high to keep up.
The gasoline market is ready for a big correction. The more it stays without a correction, the sharper the drop will be. It has rejected once from the horizontal resistance level however briefly recovered. For the past few weeks, the price has been increasing slowly.
In the short to medium term, gasoline will be a bearish market.
This is just an idea, not financial advice.
We can see a sharp price increase from March 2020. The price has faced only one major correction, and the rate looks too high to keep up.
The gasoline market is ready for a big correction. The more it stays without a correction, the sharper the drop will be. It has rejected once from the horizontal resistance level however briefly recovered. For the past few weeks, the price has been increasing slowly.
In the short to medium term, gasoline will be a bearish market.
This is just an idea, not financial advice.