Free Trial

ICE GASOIL (Q20) Reversal Threat

OIL TECHS
  • RES 4: $401.00 - High Mar 11
  • RES 3: $400.00 - Psychological round number
  • RES 2: $388.50 - High Jul 21 and the bull trigger
  • RES 1: $378.75 - High Jul 24 and 27
  • PRICE: $363.75 @ 08:06 BST Jul 31
  • SUP 1: $349.00 - Low Jul 30
  • SUP 2: $340.25 - Low Jun 29 and a key reversal trigger
  • SUP 3: $326.00 - Low Jun 15
  • SUP 4: $319.75 - Low Jun 12

Gasoil futures traded sharply lower yesterday clearing support at $358.75, low Jul 10 and a key level. Although futures bounced off the day low, yesterday's price action highlights a bearish threat. A move below $349.00, yesterday's low would risk a deeper pullback and open $340.25, low Jun 29 and also an important reversal trigger. On the upside, key resistance and the bull trigger is $388.50.

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.