Gas prices continue to rise. [Jeff Clark's Market Minute]( Why Gas Prices Could Be Heading Lower Soon By Imre Gams, analyst, Market Minute Rising gas prices have been a painful development as the world grapples with soaring inflation. The dramatic increase has impacted everyone, not just motorists filling up their tanks. For example, higher gas prices means that the cost to transport goods is more expensive. And the consumer will eventually bear the burden of these higher costs. And if you’re wondering whether there is any relief in sight, you won’t find many signs of hope from the mainstream media. Recommended Link [Notorious “Crypto Hater” drops bombshell:
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-- The mainstream narrative around gas prices is that they’ll continue to rise in North America over the summer. Between expected higher demand for gas when the weather gets warmer – and the more expensive formula that summer gasoline requires – the outlook is for prices to continue to climb. But the price charts for Reformulated Blendstock for Oxygenate Blending (RBOB) gasoline tell a different story. RBOB is a technical way of referring to the fuel that we pump into our cars, trucks, and motorbikes. Before I show you what I see on the price chart for RBOB gasoline futures, I want to clarify that these prices are not a direct reflection of what you can expect to pay at the pump. The price you’ll pay at your local gas station is greatly marked up. After all, there’s costs to transport the gas to the pumps in the first place… not to mention having to account for taxes and building in a profit margin so that it remains worthwhile for gas stations to sell their products. Now, let’s look at a price chart of RBOB gasoline… [(Click here to expand image)]( I outlined the bearish head and shoulders pattern that the market has traced out. This classic reversal pattern frequently forms at both major market tops and market bottoms. It has three key defining features – the left shoulder, the head, and the right shoulder. The pattern is complete once prices break and close below the neckline. The neckline (blue line) is a trendline that connects the bottom points of the left and right shoulders. Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career â at zero cost to you. Just [click here]( to check it out. The final component of this pattern is the neckline measurement, which is used to come up with a target for this pattern once it breaks out. The neckline measurement is taken by drawing a straight line from the top of the head to the neckline (red lines). The length of this line is how far we can expect prices to travel once the pattern is complete. In the case of this head and shoulders pattern, it completed on June 29. And the neckline measurement in RBOB gasoline comes in at just above $3 a gallon. [Are cryptos useless? Rare “loophole” exposes the TRUTH…]( While I’m skeptical about exactly how that will translate to prices at the pump, it would bring the price of gas back to where it was in March and April. That’s approximately an 18% move, which makes trading this head and shoulders pattern an enticing proposition for commodities traders. Happy trading, Imre Gams
Analyst, Market Minute Reader Mailbag In todayâs mailbag, Jeff Clark Trader member Charles thanks Jeff⦠Hello, Iâm sending you a thank you since all your trade ideas have been right on. I’m looking forward to the next one. Thanks again. – Charles P. Thank you, as always, for your thoughtful comments. We look forward to reading them every day. Keep them coming at feedback@jeffclarktrader.com. In Case You Missed It… [Expert: âMove your money before September 9thâ]( The transformation of America is now underway. According to the Wall Street Journal, the White House is set to enact sweeping changes to our financial system in the weeks ahead. International Financier Dave Forest warns: “The White House has just released an Executive Order that would completely overhaul our entire financial system, and unprepared Americans could be blindsided as soon as September 9th. But folks who can see the writing on the wall could multiply their nest egg by 1,000% or more as this plan is rolled out.” [Click here to see all the details of this sinister White House scheme and find out what you need to do to prepare before itâs too late.]( [image]( Get Instant Access Click to read these free reports and automatically sign up for daily research. [The Gold Investor’s Guide]( [How to Earn Free Bitcoin]( [An Insider’s Guide to Making a Fortune from Small Tech Stocks]( [Jeff Clark's Market Minute]( Jeff Clark Trader
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