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FED Reverse Repo Operation


Fed Path Unwinds Initial Dip Lower On Powell


Retreats From Resistance

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ICE GASOIL: (M18) Double Daily Top........>

OIL TECHS: ICE GASOIL: (M18) Double Daily Top Around $705.00
*RES 4: $732.75 - High Nov 11 2014 (Cont)
*RES 3: $717.00 - Low Nov 21 2014 (Cont) now resistance
*RES 2: $705.00 - 2018 High May 17
*RES 1: $703.75 - High May 22
*PRICE: $699.75 @ 0430GMT
*SUP 1: $687.75 - Low May 21 
*SUP 2: $686.50 - Hourly resistance May 16 now support 
*SUP 3: $679.50 - High May 11 now support 
*SUP 4: $672.25 - Low May 11
*COMMENTARY: Tuesday's topside failure is a concern for bulls when combined with
daily momentum divergence and studies correcting from O/B. In addition, a double
daily top is now in place around $705.00. Bears continue to look for a close
below $679.50 to shift initial focus back to the 21-DMA ($671.54) and hint at a
move back to $636.25-654.25. While $679.50 supports bulls remain focused on
$732.75-755.75 last seen in Nov 2014.

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