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Asian Petroleum Review : Jan-March 2011
40 New York RBOB gasoline is expected to retrace to $2.2213 a gallon before rising towards $2.8476 over the next three months, as per its wave pattern and a Fibonacci retracement analysis. A five-wave cycle is seen complete on the rise from the Aug at $1.8247, with the wave (5) likely peaking at $2.4671 on Jan. 3. A Fibonacci retracement analysis pinpoints to an immediate target at $2.2213, the 38.2 percent level. A correction may drive the price down further to $2.1456, the 50 percent level should the 38.2 percent level fail to hold up the fall. However, the major trend will remain bullish, as the presumed five-wave cycle only completed the first part of a big rally, the second round of the rally should push the price to $2.8476, the 61.8 percent Fibonacci projection level of the wave (C) or the wave (3). ** Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advis- ers for business, financial or legal advice regarding the products mentioned in the analyses. * * (Reporting by Wang Tao; Editing by Ed Lane) Thomson Reuters Asia Petroleum Review TECHNICALS New York RBOB gasoline to retrace to $2.2213 in 3 mths By Wang Tao SINGAPORE