Pure Fuel Technical Evaluation
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Pure Fuel – Weak Consumers
On Sep 26, pure fuel began a downtrend transfer then on Oct three the value printed $2.258- its lowest stage in over 5 weeks. Nevertheless, sellers confirmed hesitation after, permitting patrons final week to take cost and rally the value. On Friday, pure fuel closed with practically 6.5% achieve.
Right now, the relative Power Index (RSI)declined then crossed under 50 highlighting the top of purchaser’s dominance .
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Nat-Fuel DAILY Worth CHART (Jan 15, 2018 – Oct 21, 2019) Zoomed Out
Nat-Fuel DAILY Worth CHART (SEp 13, 2018 – Oct 21, 2019) Zoomed IN
Trying on the each day chart, we discover at first of final week’s session pure fuel gaped to the upside shifting to a better trading zone $2.340 – $2.490. This week, the value opened with a downward hole and remained in the identical trading zone.
Thus, an in depth under the low finish of the zone might ship the value in the direction of $2.210. Additional shut under the low finish, might trigger extra decline in the direction of $2.124. Though, the weekly assist ranges underlined on the chart (zoomed in) ought to be saved in focus.
However, any failure in closing under the low finish might reverse the value’s route sending it in the direction of the excessive finish of the zone. Additional shut above the excessive finish might imply extra bullishness in the direction of $2.552. That mentioned, the weekly resistance stage marked on the chart can be price monitoring.
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Pure Fuel worth 4-Hour PRICE CHART (Sep 17 – Oct 21, 2019)
From the four- hour chart, we discover on Oct 11 pure fuel corrected greater creating a better low at $2.282. The worth rallied after, then on Oct 16 created a better excessive at $2.495.
Right now, pure fuel declined eyeing a take a look at of Oct 14 low at 2.358. Additional decline under $2.282 might entice sellers to press the value in the direction of $2.210. Though, the weekly assist stage underlined on the chart ought to be thought-about.
On the flip- aspect, any break above the Oct 16 excessive might resume bullish worth motion in the direction of $2.552. Nonetheless, the weekly resistance stage underscored on the chart ought to be watched intently.
See the chart to know extra about key ranges to observe in an extra bullish/bearish transfer.
Written By: Mahmoud Alkudsi
Please be happy to contact me on Twitter: @Malkudsi