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ICE GASOIL (Q19): Gains viewed as a.......>

OIL TECHS
OIL TECHS: ICE GASOIL (Q19): Gains viewed as a correction
*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: $592.00 - High Jul 22 and 23 and key intraday resistance
*PRICE: $589.75 @ 06:28 BST Jul 24
*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 expected to maintain a bearish tone despite recent gains. Last weeks
sell-off resulted in a break of a trendline drawn off the Jun 18 low. A bull
channel base, drawn of the Jun 5 low was also probed. The focus remains on the
support and bear trigger at $567.00, the low of Jul 18. A move below this level
would open $557.04, 76.4% of the rally between Jun 5-Jul 11. Initial resistance
is $592.00, a break would instead threaten the current bearish theme.

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