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ICE GASOIL (F20): Pullback Likely A.......>

OIL TECHS
OIL TECHS: ICE GASOIL (F20): Pullback Likely A Correction
*RES 4: $666.31 - 2.236 projection of Oct 3 - Oct 28 rally from Nov 20 low
*RES 3: $654.75 - 2.00 projection of Oct 3 - Oct 28 rally from Nov 20 low
*RES 2: $649.50 - Sep 16 high and major resistance
*RES 1: $643.00 - High Jan 6
*PRICE: $615.75 @ 08:18 GMT Jan 7
*SUP 1: $611.75 - Intraday low
*SUP 2: $609.00 - Low Dec 23 and key near-term support
*SUP 3: $596.25 - High Dec 6
*SUP 4: $577.75 - Low Dec 11
GASOIL rallied yesterday but then found resistance at the day high. Despite this
pullback, a bullish outlook is maintained. Last week, futures traded above
$631.75, Dec 30 high to confirm a resumption of the uptrend in place since early
Oct. Price action in December also reinforced the bullish theme. The early
December break of $595.50, the Nov 27 high confirmed a range breakout. The focus
is on $649.50 next, Sep 16 high. Support is at $609.00.

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