Gasoline futures briefly fell to their lowest level in nearly seven years, and futures have lost a staggering 21 percent of their value in 2015 alone, which has translated to relief at the pump for the consumer. AAA announced this week that the national average for retail gasoline is under $2, down more than 41 cents from this time last year. And according to some traders, there's even more downside ahead.
"It's a broken chart," Rich Ross told CNBC's "Trading Nation " on Tuesday, looking at gasoline futures. "We're hovering just above the $1 level, and I wouldn't be surprised if it broke below that key psychological support level and retest the 2008 and 2009 lows."
Evercore ISI's head of technical analysis noted that the decline in gas prices has yet to factor into the overall economy, which many analysts predicted it would. He pointed out that retail and dining stocks, which should presumably do well when the price of gas is low, have performed poorly this year. "I think gas goes lower and I'd like to be optimistic that some of that [consumer] savings works its way into the economy," Ross said.
Boris Schlossberg of BK Asset Management agreed that there are no signs of a turn higher in gasoline prices, but he doesn't expect it to go much lower. "I think we are going to bounce around the bottom for a while," he said in a "Trading Nation" segment. "I think we can retest the 1 handle to the downside in the near-term, but overall I don't think it's going to be a very exciting trade," said Schlossberg.
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