ICE GASOIL (G20): Heading Lower *RES 4:...>

OIL TECHS: ICE GASOIL (G20): Heading Lower

*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: $489.00 @ 07:14 GMT Feb 4

*SUP 1: $480.00 - Intraday low

*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 traded lower again yesterday and 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.