Chart of the Day - Wednesday, April 5th, 2023

Today’s Chart of the Day was shared by David Rath (@DJwrath). It's a daily candlestick chart of RBOB Gasoline Futures over the past 20 months. Remember all of the "pain at the pump" stories last Summer as Gasoline surged to all-time highs? It's easy to forget because prices dropped 50% from their June peak over the next six months. David points out that we could see those headlines return this Summer as Gasoline attempts to break through resistance around $2.80. It's quietly reached five-month highs after forming a base, or inverted head & shoulders pattern over the past seven months. Seasonality also supports higher prices, as Gasoline prices tend to ramp up ahead of the Summer months.