Gasoline RBOB Futures Issue Buy Signal

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Gasoline RBOB futures rallied today (2/08) along with crude oil and heating oil.

This move higher for March Gasoline RBOB futures gives a fresh buy signal on the daily chart.  This is the fourth buy signal the RBOB has issued on the daily chart since the trend changed to the upside at the end of December.  So far this week gasoline RBOB is giving a buy signal on the weekly chart.  The trend remains up on the monthly chart and gasoline RBOB developed a nice bull flag in 2011 and now seems to be breaking out to the upside.  Gasoline RBOB's 50 and 100-period SMAs are all pointing up on the daily, weekly and monthly charts.

Notably, crude oil recently has been declining while its by-products, such as gasoline RBOB and heating oil have been rallying.  This indicates that while crude demand is not high, theU.S.has been exporting to meet a heavier than usual demand for energy products.

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To review what I consider a "buy signal" watch Larry Baer's Traditional Trending Strategy video.

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Subscribe FREE to my daily charts and set-ups newsletter: http://www.zaner.com/3.0/lbaer2.asp

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Futures, options and forex trading is speculative in nature and involves substantial risk of loss. All known news and events have already been factored into the price of the underlying commodities discussed.