ICE GASOIL (K20): Corrective Tone *RES....>

OIL TECHS: ICE GASOIL (K20): Corrective Tone

*RES 4: $278.75 - High Apr 20

*RES 3: $270.00 - Low Apr 1 and former breakout level

*RES 2: $264.75 - High Apr 21

*RES 1: $247.04 - 20-day EMA

*PRICE: $217.50 @ 07:08 BST May 4

*SUP 1: $213.00 - Low Apr 30

*SUP 2: $190.75 - Low Apr 29

*SUP 3: $181.00 - Low Apr 28 and key support

*SUP 4: $162.85 - 2.382 projection of Jan 8 - Feb 3 decline from Feb 20 high

Gasoil was firmer last week and has established a S/T correction although price

is off last week's high. The recovery off Tuesday's low of $181.00 has resulted

in a break of resistance at $237.25, the Apr 23 high. This further reinforces a

bullish tone and opens $247.04, the 20-day EMA. A convincing break of the

average is required to suggest scope for a stronger bounce and open $264.75, Apr

21 high. Initial support is seen at $213.00. A break would expose $190.75.