This Rising Wedge pattern, illustrated here on the hourly candlestick chart, has been providing support as the price rose steadily towards new highs. The decline below $4.35 per gallon initiated a downside breakout from the wedge, and generated the lower forecast on strong momentum.

Failure for the price to reverse quickly from these levels may encourage both short selling and profit-taking from speculators who have held long positions through the recent steady rise. If the downward momentum persists to complete the pattern, the minimum price target is projected at $4.2833 per gallon, with the lower end of $4.2164 also possible. A move back higher to $4.38 or higher would be required to negate this bearish pattern and return the market to a sustainable rising support level.
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