Free Trial

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

OIL TECHS
OIL TECHS: ICE GASOIL (K20): 2020 Downtrend Resumes
*RES 4: $305.25 - High Apr 13
*RES 3: $300.75 - High Apr 14
*RES 2: $283.00 - High Apr 17 and intraday key resistance
*RES 1: $264.75 - Intraday high
*PRICE: $240.50 @ 09:00 BST Apr 21
*SUP 1: $230.00 - Round number support
*SUP 2: $220.25 - 2.00 projection of Jan 8 - Feb 3 decline from Feb 20 high
*SUP 3: $200.00 - Psychological round number
*SUP 4: $184.79 - 2.236 projection of Jan 8 - Feb 3 decline from Feb 20 high
Gasoil remains bearish and further weakness is likely. The spike higher to
$387.75 on Apr 2 failed to deliver any upside follow through and this continues
to weigh on the contract. Furthermore, the contract has traded through the
recent key support and bear trigger at $260.00, Apr 15 to confirm a resumption
of the 2020 downtrend. Attention is on $220.25 next, a Fibonacci projection
ahead of the psychological $200.00 level. $264.75 is resistance.

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.