Tuesday, July 7, 2009

Technical Analysis: Gasoline Poised for Slide to 8 Week Low


Gasoline futures may fall nearly 7 percent to an eight week low if the August contract closes below $1.70, according to a technical analysis by Lind-Waldock & Co. in Chicago.
A drop below the 55 day smooth moving average around $1.70 would send prices down to $1.625, the uptrend line connecting the Feb. 19 and April 27 lows, said Blake Robben, a strategist at Lind-Waldock, a division of MF Global Ltd. If prices fall below trendline support, "$1.55 is the next level,” Robben said in an interview.....Complete Story

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