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ICE GASOIL (G20): Still Bearish *RES 4:...>

OIL TECHS
OIL TECHS: ICE GASOIL (G20): Still Bearish
*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: $511.00 @ 07:00 GMT Jan 31
*SUP 1: $497.50 - Low Jan 30
*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 lower yesterday breaching former support at $505.50, the Jan 28
low. This confirms 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. Initial
resistance is seen at $531.75.

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