ICE GASOIL (Q19): Bearish focus *RES 4:...>

OIL TECHS: ICE GASOIL (Q19): Bearish focus

*RES 4: $616.25 - High Jul 11 and bull trigger

*RES 3: $608.50 - High Jul 12

*RES 2: $603.50 - High Jul 16

*RES 1: $597.00 - High Jul 24

*PRICE: $583.50 @ 06:31 BST Jul 29

*SUP 1: $578.75 - Low Jul 23

*SUP 2: $567.00 - Low Jul 18

*SUP 3: $557.04 - 76.4% retracement of the Jun 5-Jul 11 rally

*SUP 4: $549.25 - Low Jun 18

Gasoil is consolidating but expected to maintain a bearish tone and the pullback

from last Wed's high suggests the recent correction is over. The outlook is

bearish following the sharp sell-off that began off the Jul 11 high. This

resulted in a break of a trendline drawn off the Jun 18 low. A bull channel

base, from the Jun 5 low was also probed. The focus is on the support at 567.00,

the low of Jul 18. A break would open 557.04. Initial resistance is 597.00.