Free Trial

ICE GASOIL: (F18) Bears Need Close........>

OIL TECHS
OIL TECHS: ICE GASOIL: (F18) Bears Need Close Below $551.25
*RES 4: $576.89 - Bollinger band top 
*RES 3: $572.00 - High Nov 8 
*RES 2: $568.00 - High Nov 22 
*RES 1: $564.25 - Hourly resistance Nov 22
*PRICE: $561.75 @ 0430GMT
*SUP 1: $555.61 - 21-DMA 
*SUP 2: $551.25 - Low Nov 15 
*SUP 3: $543.58 - Daily Bull channel base 
*SUP 4: $538.00 - Low Nov 2
*COMMENTARY: Hesitation around the $572.00 level resulted in a correction lower
last week that has so far found support ahead of the 21-DMA. Bears need a close
below $551.25 to confirm a break of the 21-DMA and an easing of bullish pressure
and to shift focus back to $531.40-538.00 where the 55-DMA is situated. Bulls
remain focused on the break of $572.00 needed to pressure the Bollinger band and
bull channel tops.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.