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ICE GASOIL (G20): Bearish Theme Intact....>

OIL TECHS
OIL TECHS: ICE GASOIL (G20): Bearish Theme Intact
*RES 4: $566.00 - High Jan 22
*RES 3: $552.75 - High Jan 23
*RES 2: $531.75 - High Jan 29 and key near-term resistance
*RES 1: $498.75 - High Feb 3
*PRICE: $490.50 @ 07:54 GMT Feb 5
*SUP 1: $480.00 - Low Feb 3
*SUP 2: $475.54 - 161.8% retracement projection of the Oct 3 - Jan 6 high
*SUP 3: $460.43 - 176.4% retracement projection of the Oct 3 - Jan 6 high
*SUP 4: $436.00 - 200.0% retracement projection of the Oct 3 - Jan 6 high
GASOIL remains heavy. The breach last week of former support at $505.50, the Jan
28 low confirmed a resumption of the downtrend. Recent sharp losses are still
seen weighing on sentiment and we've yet to see a meaningful correction unfold
as bearish conditions dominate. Attention is on $475.54 next, a Fibonacci
retracement extension. Firm resistance is seen at $531.75, high Jan 29.

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