Free Trial

ICE GASOIL (J20): Bearish Focus *RES 4:...>

OIL TECHS
OIL TECHS: ICE GASOIL (J20): Bearish Focus
*RES 4: $449.00 - High Mar 6
*RES 3: $433.50 - Low Mar 2
*RES 2: $412.00 - Low Mar 6 and gap high on the daily chart
*RES 1: $389.00 - High Mar 11
*PRICE: $351.25 @ 07:20 GMT Mar 12
*SUP 1: $314.50 - Low Mar 9
*SUP 2: $309.17 - 1.382 projection of the Jan 8 - Feb 3 move from Feb 20 high
*SUP 3: $300.00 - Psychological round number
*SUP 4: $291.00 - 1.500 projection of the Jan 8 - Feb 3 move from Feb 20 high
Gasoil remains bearish despite the recovery off Monday's low. The sell-off
Monday confirmed a resumption of this year's downtrend. The focus is on $309.17,
a Fibonacci projection and $300.00. Note that Monday's activity created a
$379.00 - $412.00 gap on daily charts, partially filled yesterday. It would not
be a surprise to see the market fill this entire gap. Whether that happens in
the near-term or at a later date remains to be seen. Bearish.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.