As you know, gasoline has
been steadily rising at the pumps, for example the other day it
cost me $72 to fill up my car. Let's take a look a the charts
of Unleaded Gasoline:
The first chart shows a
weekly chart of Gasoline (minus taxes of course) which I have been
showing for a long time, it broke out of a triangle earlier this
year and is now testing the long term resistance trendline - This
is an important area, should gasoline break through resistance it
could set the stage for a move to all time highs - and it's still
early in the year on February! However not that price did
close above he upper Bollinger Band, thus it is overbought in the
short term.
This is echoed on the
daily chart as the RSI is sky high and there is a large gap - so it
would not surprise me to see a short term pullback in Gas futures,
however longer term the weekly chart looks quite bullish.
thanks for posting the chart - but remember to make it a
clickable URL when you can, here's a graphic to show you how - that
way folks don't have to manually copy the URL you pasted and can
instead just click on it
A look at Gasoline
Posted by matt on 18th of Feb 2013 at 12:29 pm
As you know, gasoline has been steadily rising at the pumps, for example the other day it cost me $72 to fill up my car. Let's take a look a the charts of Unleaded Gasoline:
The first chart shows a weekly chart of Gasoline (minus taxes of course) which I have been showing for a long time, it broke out of a triangle earlier this year and is now testing the long term resistance trendline - This is an important area, should gasoline break through resistance it could set the stage for a move to all time highs - and it's still early in the year on February! However not that price did close above he upper Bollinger Band, thus it is overbought in the short term.
This is echoed on the daily chart as the RSI is sky high and there is a large gap - so it would not surprise me to see a short term pullback in Gas futures, however longer term the weekly chart looks quite bullish.
Notice the correlation $SPX / $GASO
Posted by flmaia on 19th of Feb 2013 at 09:19 am
http://stockcharts.com/h-sc/ui?s=$SPX&p=D&b=4&g=0&id=p94253458324&a=258711416&listNum=8
yes oil and gas are
Posted by matt on 19th of Feb 2013 at 09:49 am
yes oil and gas are up because the economy is churning along
thanks for posting the chart
Posted by matt on 19th of Feb 2013 at 09:42 am
thanks for posting the chart - but remember to make it a clickable URL when you can, here's a graphic to show you how - that way folks don't have to manually copy the URL you pasted and can instead just click on it
SPX / Gaso chart
Thanks Matt
Posted by flmaia on 19th of Feb 2013 at 10:54 am
I was not aware of it.
I will do this way next time
nice chart, thank you
Posted by cubby on 19th of Feb 2013 at 09:22 am
thanks for the charts very interesting
Posted by morton13 on 18th of Feb 2013 at 02:24 pm
looks like demand is high or supply is low and economy is humming along....
?