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ICE GASOIL (M20): Bullish Outlook.........>

OIL TECHS
OIL TECHS: ICE GASOIL (M20): Bullish Outlook Intact
*RES 4: $353.76 - 76.4% retracement of the Apr 2 - 28 sell-off
*RES 3: $336.00 - High Apr 3
*RES 2: $334.25 - High Apr 9
*RES 1: $306.25 - High May 19 and bull trigger
*PRICE: $304.50 @ 06:50 BST May 26
*SUP 1: $280.00 - Low May 22
*SUP 2: $272.50 - Low May 18 and key near-term support
*SUP 3: $262.25 - Low May 15
*SUP 4: $237.50 - Low May 13 and key near-term support
Gasoil maintains a near-term bullish theme. The recovery off $206.50, Apr 28 low
resulted in a break of resistance at $257.75, Apr 23 high. Furthermore, futures
have cleared the 20-day EMA and the former resistance at $276.50, May 6 high
further reinforcing the current bullish cycle. Price has also tested the 50-day
EMA currently at $301.82. A clear break of this average would open 334.25, Apr 9
high. Support is at $272.50, May 18 low.

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