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ICE GASOIL (G20): Bearish Focus...........>

OIL TECHS
OIL TECHS: ICE GASOIL (G20): Bearish Focus Reinstated
*RES 4: $644.00 - Sep 16 high and major resistance
*RES 3: $643.00 - High Jan 6
*RES 2: $640.00 - High Dec 8
*RES 1: $612.00 0 Low Dec 31
*PRICE: $600.00 @ 07:31 GMT Jan 9
*SUP 1: $594.50 - Low Jan 8
*SUP 2: $591.25 - 50% retracement of the Oct 3 - Jan 6 rally
*SUP 3: $582.75 - Low Dec 12
*SUP 4: $579.04 - 61.8% retracement of the Oct 3 - Jan 6 rally
GASOIL maintained this week's volatile price action with futures yesterday
trading sharply lower off the day high of $640.00. Significantly, price has
traded below support at $612.00, Dec 31 low and this effectively suggests a top
has been put in place for now with the technical outlook suggesting scope for a
deeper pullback near-term. A break of yesterday's low at $594.50 would open
$591.25 a retracement level and below. Initial resistance is at $612.00.

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