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ICE GASOIL (U19): Bearish pressure........>

OIL TECHS
OIL TECHS: ICE GASOIL (U19): Bearish pressure likely to dominate
*RES 4: $589.50 - Trendline resistance drawn off the Jul 11 high
*RES 3: $586.50 - High Aug 2
*RES 2: $576.42/582.00 - 50-day-EMA / High Aug 13 and key resistance
*RES 1: $572.00 - High Aug 28
*PRICE: $566.79 @ 06:21 BST Aug 29
*SUP 1: $551.25 - Low Aug 26
*SUP 2: $539.00 - Low Aug 8
*SUP 3: $534.00 - Low Aug 7 and bear trigger
*SUP 4: $517.00 - Low Jan 4 (continuation)
Despite pushing higher this week, the GASOIL outlook remains bearish. The break
of $553.25 Friday signalled a resumption of bearish activity, that is now seen
likely to attract $534.00, the Aug 7 low. The inability last week to clear
resistance defined by the 50-day EMA, currently at $576.42, is weighing. This
failure also keeps intact primary bearish trend conditions. Resistance has been
defined at $576.50 and $582.00. A break of the latter would be bullish.
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