Pure Fuel Value Forecast: Costs Slide to $2.73, Bearish Continuation Indicated…

Resistance Holds at Key Ranges

Right now’s weak spot follows final Friday’s failed try and push greater, the place resistance was met at a long-term anchored quantity weighted common worth (AVWAP) with a peak at $2.97. That check aligned intently with further resistance close to $three.00, and the 20-Day transferring common, now at $2.99, which represents dynamic resistance within the broader downtrend. Any rallies from present ranges are anticipated to face headwinds on this $2.97–$2.99 zone, protecting bears in management.

Bearish Targets Taking Form

The breakdown has opened the trail to decrease targets, with $2.63 as the primary stage of curiosity. This comes from a smaller descending ABCD sample, the place symmetry between the AB and CD legs tasks a 100% match at $2.63.

Confluence Zone Under $2.54

Past $2.63, consideration shifts to a decrease confluence zone between $2.54 and $2.51. A number of technical components level towards this area, strengthening its significance as a possible magnet for worth. It features a 78.6% Fibonacci retracement at $2.54 and aligns with a bigger ABCD sample, measured from this yr’s peak, that tasks a 78.6% draw back goal additionally at $2.54. Mixed, these overlapping ranges outline a high-probability space the place pure gasoline could finally search help if the bearish correction continues.

Outlook

With right this moment’s continuation sign and sellers sustaining management, pure gasoline stays biased decrease. Till the 20-Day common is reclaimed, momentum favors further draw back towards $2.63 initially, and probably into the $2.54–$2.51 help band.

For a take a look at all of right this moment’s financial occasions, take a look at our financial calendar.