Free Trial

ICE GASOIL (N19): Bear flag formation.....>

OIL TECHS
OIL TECHS: ICE GASOIL (N19): Bear flag formation
*RES 4: $613.54 - 61.8% retracement of the May 16-Jun 5 low
*RES 3: $605.00 - High Jul 1 and key resistance
*RES 2: $595.00 - High Jul 2
*RES 1: $583.00 - High Jul 8
*PRICE: $583.00 @ 06:36 BST Jul 10
*SUP 1: $568.25 - High Jun 10 and key support
*SUP 2: $562.82 - 61.8% retracement of the Jun5-Jul1 rally
*SUP 3: $552.86 - 76.4% retracement of the Jun5-Jul1 rally
*SUP 4: $547.00 - Low Jun 18
Gasoil is firmer within its recent range. However it is still likely to correct
lower near-term following last weeks sell-off and the failure on Jul 1 to close
above the 50% retracement of the May 16-Jun 5 decline at 598.88. Activity over
the past few sessions appears to be a bear flag formation reinforcing the
bearish threat. Key support lies at 568.25, the Jun 10 high. A break would open
562.82, 61.8% of the Jun 5-Jul 1 rally. Resistance is at 595.00.

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.