Free Trial

ICE GASOIL (Q20) Monitoring Trendline.....>

OIL TECHS
OIL TECHS: ICE GASOIL (Q20) Monitoring Trendline Support
*RES 4: $418.25 - High Apr 2
*RES 3: $401.00 - High Mar 11
*RES 2: $400.00 - Psychological round number
*RES 1: $375.75 - High Jul 6 and the bull trigger
*PRICE: $371.00 @ 07:07 BST Jul 16
*SUP 1: $358.75 - Low Jul 10
*SUP 2: $347.97 - 50-day EMA
*SUP 3: $340.25 - Low Jun 29 and key support
*SUP 4: $326.00 - Low Jun 15
Gasoil futures traded higher yesterday. This week's initial move lower resulted
in price trading below a key trendline support drawn off the May 13 low. A clear
breach of the trendline confirmed by a move through $358.75, Jul 10 low would
highlight a developing bearish threat and signal scope for a deeper pullback
towards $340.25, Jun 30 low. Key resistance and the bull trigger remains
$375.75, Jul 6 high. A break would confirm a resumption of the uptrend.

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.