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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.

Energy BulletsCommodities
Energy BulletsCommodities

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