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OIL TECHS
OIL TECHS: ICE GASOIL (G19): 21-DMA Underpinned
*RES 4: $700.00 - Resistance
*RES 3: $644.52 - 200-dma (continuation chart)
*RES 2: $600.00 - High Dec 4 (continuation chart)
*RES 1: $590.75 - High Feb 4
*PRICE: $583.25 @ 06:55 GMT Feb 5
*SUP 1: $568.71 - 21-dma (continuation chart)
*SUP 2: $543.75 - Nov 30 Low (continuation chart)
*SUP 3: $483.25 - Dec 26 low (continuation chart)
*SUP 4: $402.50 - Low July 21 2016 (continuation chart)
Having encountered support ahead of the 21-dma on Friday, Gasoil futures
extended the uptrend before topping out at $590.75. This brings the 100-dma at
$624.04 into view, a break reignites upside momentum, targeting the 200-dma at
$644.52. Bears need a close below the 21-dma to regain control, suggesting a
resumption of the broader bearish trend towards the Nov 30 low at $543.75.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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