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ICE GASOIL (J19): Bull Flag in The........>

OIL TECHS
OIL TECHS: ICE GASOIL (J19): Bull Flag in The Making
*RES 4: $673.75 - High Nov 8, 2018
*RES 3: $649.49 - 61.8% Retracement (752.25 Oct high-483.25 Dec low)
*RES 2: $627.06/629.50 - 200-dma/High Mar 1
*RES 1: $620.25 - High Mar 21
*PRICE: $605.50 @ 06:00 GMT Mar 28
*SUP 1: $596.99/595.25 - 50-dma/Low Mar 22
*SUP 2: $587.75/582.15 - High Feb 4/100-dma
*SUP 3: $567.25 - Low Feb 7
*SUP 4: $553.25 - Low Jan 28
Gasoil futures operate well above Friday's low, which keeps the hopes of a bull
flag formation alive. Bulls need to recover the March 21 high at $620.25 to
reignite upside momentum and bring the 200-dma & March 1 high back into view at
$627.06/629.50. Bears need a break below the 50-dma & Friday's low at
$596.99/595.25 to suggest a bearish reversal, opening the Feb 4 high and 100-dma
at $587.75/582.15.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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