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ICE GASOIL  (Q20) Bullish Theme Still Intact

  • RES 4: $418.25 - High Apr 2
  • RES 3: $401.00 - High Mar 11
  • RES 2: $400.00 - Psychological round number
  • RES 1: $388.50 - High Jul 21 and the bull trigger
  • PRICE: $373.25 @ 08:35 BST Jul 29
  • SUP 1: $361.50 - Low Jul 20
  • SUP 2: $358.75 - Low Jul 10 and key support
  • SUP 3: $355.86 - 50-day EMA
  • SUP 4: $340.25 - Low Jun 29

Gasoil futures traded higher last week breaching the former key
resistance at $375.75, Jul 6 high. The move through this hurdle confirmed
a resumption of the uptrend that has been in place since the reversal on
Apr 28. This sets the scene for an extension higher towards the $400.00
psychological level next. On the downside, initial firm support has been
defined at $361.50, Jul 20 low. Retracements are considered corrective.

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