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ICE GASOIL (N20) Needle Still Points......>

OIL TECHS
OIL TECHS: ICE GASOIL (N20) Needle Still Points North
*RES 4: $421.00 - Low Mar 6 and a gap high on the daily chart
*RES 3: $409.50 - High Apr 2 and key resistance
*RES 2: $400.00 - Psychological round number
*RES 1: $366.43 - 76.4% retracement of the Apr 2 - 28 sell-off
*PRICE: $361.75 @ 07:03 BST Jun 23
*SUP 1: $333.25 - Low Jun 16
*SUP 2: $320.64/12.25 - Trendline support drawn off the Apr 28 low / Low Jun 12
*SUP 3: $301.50 - Low Jun 1
*SUP 4: $286.50 - Low May 29 and key support
Gasoil traded higher last week and resumed the uptrend that started on Apr 28.
The move to fresh highs also confirms the bullish price sequence of higher highs
and higher lows reinforcing current trend conditions. The focus is on 366.43, a
Fibonacci retracement. A break would signal scope for a climb towards the
psychological $400.00 level. Trendline support drawn off the Apr 28 low
intersects at $320.64 today. A break is required to threaten the uptrend.

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