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

OIL TECHS
OIL TECHS: ICE GASOIL (H20): Underlying Downtrend Intact
*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: $464.50 @ 07:13 GMT Mar 4
*SUP 1: $435.50 Low Feb 28
*SUP 2: $432.75 - 200.0% retracement projection of the Oct 3 - Jan 6 high
*SUP 3: $408.27 - 223.6% retracement projection of the Oct 3 - Jan 6 high
*SUP 4: $393.12 - 238.2% retracement projection of the Oct 3 - Jan 6 high
Gasoil remains heavy despite this week's corrective bounce. Futures stalled
recently at $523.75, Feb 20 high and traded sharply lower last week resulting in
a break of former support at $481.25. This confirmed 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. $481.25 marks initial resistance, Feb 3 low.

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