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ICE GASOIL (M19): Golden Cross *RES 4:....>

OIL TECHS
OIL TECHS: ICE GASOIL (M19): Golden Cross
*RES 4: $697.75 - High Oct 25, 2018
*RES 3: $672.75 - High Nov 8, 2018
*RES 2: $658.44 - Low Sep 6, 2018
*RES 1: $652.00/25 - High May 13/Apr 23
*PRICE: $650.00 @ 07:02 BST May 16
*SUP 1: $623.77/623.50 - 200-dma/Low May 7
*SUP 2: $620.75 - Low April 26
*SUP 3: $598.50 - Low March 28
*SUP 4: $592.00/589.60 - Low Mar 8 / 38.2% retracement of Dec-April move
Gasoil futures tilted higher Wednesday, with bulls taking confidence in the
formation of a golden cross (50 > 200-dma) for the first time since mid-2017.
This may reignite a broader rally, initially targeting Fib resistance at 689.72
(76.4% of 753.50 - 483.25). A downside break of the 200-dma and the May 7 low at
$623.71/50 is needed to suggest a downside reversal towards the April 26 low.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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