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ICE GASOIL (U19): Close Below the Pivot...>

OIL TECHS
OIL TECHS: ICE GASOIL (U19): Close Below the Pivot
*RES 4: $626.25 - High May 28 (continuation)
*RES 3: $616.25 - High Jul 11 (continuation) and bull trigger
*RES 2: $608.50 - High Jul 12 (continuation)
*RES 1: $603.50 - High Jul 16 (continuation)
*PRICE: $566.00 @ 08:37 BST Aug 6
*SUP 1: $559.00 - Intraday low
*SUP 2: $544.25 - Low Jun 12
*SUP 3: $536.75 - Low Jun 5
*SUP 4: $526.50 - 76.4% retracement to Dec 2018 lows
The near-term technical outlook remains bearish following the sharp break lower
through the lower boundary of the two month ascending channel from the June lows
on Friday. A close below the $578.75 key pivotal support should cement the trend
lower. The focus now returns to the $541.75 June low. Rebounds have remained
corrective in nature, consistent with the developing bearish technical
structure.

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