Free Trial

ICE GASOIL (K20): 2020 Downtrend..........>

OIL TECHS
OIL TECHS: ICE GASOIL (K20): 2020 Downtrend Resumes
*RES 4: $337.25 - Low Mar 12 and 13
*RES 3: $327.25 - High Mar 20 and key resistance
*RES 2: $305.25 - High Apr 13
*RES 1: $300.75 High Apr 14
*PRICE: $268.50 @ 07:21BST Apr 16
*SUP 1: $260.00 - Low Apr 15
*SUP 2: $255.71 - 1.764 projection of Jan 8 - Feb 3 decline from Feb 20 high
*SUP 3: $250.00 - Round number support
*SUP 4: $220.25 - 2.00 projection of Jan 8 - Feb 3 decline from Feb 20 high
Gasoil is bearish and further weakness is likely. The recent spike higher to
$387.75 on Apr 2 failed to deliver any follow through and this is weighing on
the contract. Furthermore, the price yesterday traded through the key support
and bear trigger at $270.00, Apr 1 low. This confirms a resumption of the 2020
downtrend and opens $255.71 next, a Fibonacci projection. Initial firm
resistance is seen at $300.75, Apr 14 high.

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.