ICE GASOIL (K20): Likely To Head North....>

OIL TECHS: ICE GASOIL (K20): Likely To Head North

*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: $243.58 - 20-day EMA

*PRICE: $231.00 @ 07:06 BST May 5

*SUP 1: $210.00 - Low May 4

*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 bullish correction. The

recovery off $181.00, Apr 28 low has resulted in a break of resistance at

$237.25, Apr 23 high. This further reinforces a positive tone and opens $243.58,

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

$210.00, yesterday's corrective.