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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play

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OIL TECHS: ICE GASOIL (M20): Pullback Still Considered A Correction
*RES 4: $282.50 - High Apr 21
*RES 3: $280.00 - Low Apr 1 and former breakout level
*RES 2: $276.50 - High May 6
*RES 1: $262.25 - High May 12
*PRICE: $246.50 @ 07:12 BST May 14
*SUP 1: $230.75 - Low May 4 and key near-term support
*SUP 2: $216.00 - Low Apr 29
*SUP 3: $206.50 - Low Apr 28 and primary support
*SUP 4: $200.00 - Psychological round number
Despite the recent pullback in Gasoil, a near-term bullish theme remains intact.
The recovery off $206.50, Apr 28 low resulted in a break of resistance at
$257.75, Apr 23 high. Furthermore, futures have also probed the 20-day EMA
further reinforcing a positive outlook although price is back below the average.
Attention is on $282.50, Apr 21 high and potentially $297.25, Apr 17 high
further out. Support is at $230.75, May 4 low. A break would be bearish.

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