Gasoline Technical Analysis and Short-Term Forecast
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June gasoline is poised to test $2.044 early tomorrow. This is an important objective that is in line with the equal to (1.00) target of the wave down from $2.1241 and the confirmation point of a double top that formed between the $2.1241 and $2.1227 swing highs. Settling below $2.044 will confirm the double top and open the way for an eventual test of the $1.966 target of the reversal pattern. This objective is in line with the crucial 62 percent retracement of the rise from $1.8720. Settling below $1.966 will likely be a challenge but would imply that the corrective move up from $1.8720 is complete. Upon a close below $2.044, the connection to $1.966 is made through confluent targets at $2.028 and $1.996.
The $2.044 objective is a potential stalling point. However, there are no bullish patterns or signals that call for the move down to stall. Even so, should prices rise before taking out $2.044, look for resistance at $2.095 to hold. Overcoming this would call for a test of $2.125, a close above which will negate the double top and put the near-term odds in favor of gasoline rising to $2.156 and $2.173.
