ICE GASOIL (M19): Bearish Break *RES 4:...>

OIL TECHS: ICE GASOIL (M19): Bearish Break

*RES 4: $672.75 - High Nov 8, 2018 

*RES 3: $666.75 - High May 16 

*RES 2: $636.77 - 21-dma 

*RES 1: $623.52 - 200-dma 

*PRICE: $611.00 @ 04:07 GMT May 24 

*SUP 1: $603.00 - Low May 23 

*SUP 2: $598.50 - Low March 28 

*SUP 3: $592.00 - Low March 8 

*SUP 4: $577.50 - 50% retracement of Dec-May gains

Gasoil futures broke cleanly below the 55 and 200-dmas yesterday shifting the

outlook firmly bearish. Despite the bounce off the lows, the focus remains on

the downside with bears looking to take out yesterday's low at $603.00 to open

the march 28 low at $598.50. Below here brings the March 8 low into play ahead

of the 50% retracement of the Dec-May gains. Bulls need to recover the 200-dma

at $623.52 to stabilise the outlook and allow a run at the 21-dma at $636.77.