Free Trial

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: $310.25 - High May 26
*PRICE: $286.50 @ 07:05 BST May 28
*SUP 1: $280.00 - Low May 22 and key near-term support
*SUP 2: $272.50 - Low May 18
*SUP 3: $262.25 - Low May 15
*SUP 4: $237.50 - Low May 13 and key near-term support
Gasoil remains bullish and managed a fresh high print Tuesday of $310.25. The
recovery off $206.50, Apr 28 low resulted in a break of $257.75, Apr 23 high.
Furthermore, futures cleared the 20-day EMA and a former resistance at $276.50,
May 6 high reinforcing the bullish cycle. Price has also tested the 50-day EMA
currently at $301.05 where a clear break would open 334.25, Apr 9 high. Support
is at $280.00, May 22 low. A breach would threaten the uptrend.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.