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ICE GASOIL (H20): 2020 Downtrend..........>

OIL TECHS
OIL TECHS: ICE GASOIL (H20): 2020 Downtrend extends Further
*RES 4: $523.75 - High Feb 20 and key resistance
*RES 3: $507.50 - High Feb 24
*RES 2: $496.50 - High Feb 25
*RES 1: $481.25 - Low Feb 3
*PRICE: $441.50 @ 08:01 GMT Feb 28
*SUP 1: $432.75 - 200.0% retracement projection of the Oct 3 - Jan 6 high
*SUP 2: $408.27 - 223.6% retracement projection of the Oct 3 - Jan 6 high
*SUP 3: $400.00 - Round number support
*SUP 4: $393.12 - 238.2% retracement projection of the Oct 3 - Jan 6 high
Gasoil remains heavy. Futures stalled last week at $523.75 and has since traded
sharply lower, this week resulting in a break of former support at $481.25. This
confirms a resumption of this year's downtrend and maintains the bearish price
sequence of lower lows and lower highs. Scope is seen for a move towards
$432.75, a Fibonacci retracement projection next. On the upside, $481.25 marks
initial resistance, Feb 3 low. Heavy!

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