ICE GASOIL (F20): Looking For A Range.....>

OIL TECHS: ICE GASOIL (F20): Looking For A Range Breakout

*RES 4: $624.42 - 61.8% retracement of Sep 16 - Oct 3 decline

*RES 3: $605.00 - High Sep 19

*RES 2: $596.38 - 50.0% retracement of the Sep 16 to Oct 3 decline

*RES 1: $596.25 - High Dec 6 high and the intraday bull trigger

*PRICE: $583.25 @ 07:27 GMT Dec 12

*SUP 1: $577.00 - Low Dec 5

*SUP 2: $565.00 - Low Dec 3 and a key support

*SUP 3: $556.75 - Low Nov 20

*SUP 4: $543.25 - Low Oct 3 and primary support

GASOIL was weaker yesterday and is still trading below the Nov 27 high of

$595.50 although the level was probed on Dec 6. For a bullish focus to return,

price needs to clear the $595.50. This would confirm a range breakout and set

the scene for an extension of the recovery that started off the October 3 low of

$543.25. A break would open $596.38, the 50% retracement of the Sep 16 to Oct 3

decline. The 76.4% level is at $608.91. Initial support lies at $577.00.