Free Trial

ICE GASOIL (G20): Remains Bearish *RES....>

OIL TECHS
OIL TECHS: ICE GASOIL (G20): Remains Bearish
*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: $519.50 - High Jan 30
*PRICE: $496.25 @ 07:19 GMT Feb 3
*SUP 1: $491.25 - Intraday low
*SUP 2: $487.75 - 150.0% retracement projection of the Oct 3 - Jan 6 high
*SUP 3: $475.54 - 161.8% retracement projection of the Oct 3 - Jan 6 high
*SUP 4: $460.43 - 176.4% retracement projection of the Oct 3 - Jan 6 high
GASOIL traded loweragain Friday and remains heavy. The breach last week of
former support at $505.50, the Jan 28 low confirmed a resumption of the
downtrend with more weakness likely near-term. 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 $487.75 next, a Fibonacci
retracement extension. Firm resistance is seen at $531.75.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.