ICE GASOIL (G20): Still Heading South.....>

OIL TECHS: ICE GASOIL (G20): Still Heading South

*RES 4: $593.50 - High Jan 13

*RES 3: $584.25 - High Jan 14

*RES 2: $580.00 - High Jan 20 and key near-term resistance

*RES 1: $566.00 - High Jan 22

*PRICE: $551.50 @ 07:05 GMT Jan 24

*SUP 1: $538.50 - Low Jan 23

*SUP 2: $537.75 - Low Sep 3

*SUP 3: $534.75 - Low Aug 8

*SUP 4: $530.25 - Low Aug 7 and primary support

GASOIL remains weak and once again traded to a fresh trend low yesterday as the

impulsive sell-off extends. The break on Tuesday of $566.25, Jan 17 low

confirmed a resumption of the downtrend that has been in place since the sharp

reversal off the Jan 6 high of $643.00. Further weakness is seen likely with

momentum studies also pointing south. Attention is on $537.75, the Sep 3 low and

$530.25, the Aug low. Firm resistance has been defined at $580.00.