A bearish chart case for RB Gas

Bear market rally is likely over — a longer-term retest of $1.23 to $1.30 could be underway

 

The rally from the Jan 2015 low in RB Gas can be viewed as simply a retest of the 3-1/2 triangle top on the weekly graph, as shown below.

7.15_RB_W

The daily graph of Sep RB Gas has completed a H&S top pattern with a down-slanting neckline and abbreviated right shoulder. Both of these conditions are characteristics of internal market weakness.

7.15_RBU_D

The targets in Sep RB Gas are 1.6344, then 1.5315. Eventually the market should retest the low established in Jan at 1.23xx.

 

$RB_F, $UGA

 

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