Gasoline weekly uptrend opportunity based On 1.00 Lot Calculation:
- Gasoline prices fell along with the Crude oil prices on Thursday (March 18). Goldman Sachs, however, said the recent sell-off in oil prices amid an otherwise large rally is a “transient (lasting only for a short time) pullback” and a buying opportunity, Goldman Sachs analysts said in a note dated March 18. Despite the sharp move lower, a rapid rebalancing of the oil market is expected in coming months, with vaccinations driving an increase in mobility including air travel.
- US Gasoline Inventory (BULLISH in recent weeks) (Last four weeks) (EIA): The Energy Information Administration reported that Gasoline inventories fell by 10% (around 25 million barrels in the last two weeks).
- US VEHICLE TRAFFIC IS RISING: NEW YORK: Traffic on city routes this month is on track to mark the fastest pace since November 2019, according to the Metropolitan Transportation Authority, in the wake of warmer weather and lighter lockdown restrictions. Across the country, daily toll traffic in San Francisco during the month rose by 13% on average after restrictions eased in California. The U.S. is the largest gasoline consumer in the world.
- GASOLINE INVENTORIES EXPECTED TO FALL INTO THE SUMMER: Starting March, the warmer weather in the US should keep people more often out travelling. Gasoline consumption rises in the US and Inventories then tend to fall. This could support the Gasoline prices through the spring into the summer.
Gasoline, March 19, 2021
Current Price: 1.9050
|
GASOLINE |
Weekly |
|
Trend direction |
|
|
2.1700 |
|
|
2.1200 |
|
|
2.0500 |
|
|
1.7600 |
|
|
1.7000 |
|
|
1.6500 |
Example of calculation base on weekly trend direction for 1.00 Lot*
|
GASOLINE |
||||||
|
Pivot Points |
||||||
|
Profit or loss in $ |
26,500.00 |
21,500.00 |
14,500.00 |
-14,500.00 |
-20,500.00 |
-25,500.00 |
|
Profit or loss in €** |
22,241.06 |
18,044.63 |
12,169.64 |
-12,169.64 |
-17,205.35 |
-21,401.77 |
|
Profit or loss in £** |
19,049.40 |
15,455.17 |
10,423.26 |
-10,423.26 |
-14,736.33 |
-18,330.55 |
|
Profit or loss in C$** |
33,117.85 |
26,869.20 |
18,121.09 |
-18,121.09 |
-25,619.47 |
-31,868.12 |
* 1.00 lot is equivalent of 100000 units
** Calculations for exchange rate used as of 7:50 a.m. (GMT) 19/03/2021
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Client Manager regarding their use.
*** You may wish to consider closing your position in profit, even if it is lower than suggested one
**** Trailing stop technique can protect the profit – Ask your Client Manager for more details