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ICE GASOIL (G20): Needle Points South.....>

OIL TECHS
OIL TECHS: ICE GASOIL (G20): Needle Points South Still
*RES 4: $580.00 - High Jan 20 and key near-term resistance
*RES 3: $566.00 - High Jan 22
*RES 2: $552.75 - High Jan 23
*RES 1: $531.75 - High Jan 29
*PRICE: $514.00 @ 07:17 GMT Jan 30
*SUP 1: $505.50 - Low Jan 28
*SUP 2: $500.00 - Psychological round number
*SUP 3: $499.96 - 138.2% retracement projection of the Oct 3 - Jan 6 high
*SUP 4: $487.75 - 150.0% retracement projection of the Oct 3 - Jan 6 high
GASOIL stalled at yesterday's high of $531.75 with the focus back on the $505.50
low of Jan 28. From a technical standpoint, the recent recovery was viewed as a
correction. Recent sharp losses are still seen weighing on sentiment with
bearish technical conditions remaining in place. Attention is on $499.96 next, a
Fibonacci retracement extension. Initial resistance now seen at $531.75.

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