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ICE GASOIL (U19): Consolidating below.....>

OIL TECHS
OIL TECHS: ICE GASOIL (U19): Consolidating below key resistance
*RES 4: $587.73 - Trendline resistance drawn off the Jul 11 high
*RES 3: $586.50 - High Aug 2
*RES 2: $582.00 - Aug 13 and key resistance
*RES 1: $575.63/576.50 - 50-day EMA / Aug 21 high
*PRICE: $565.00 @ 07:16 BST Sep 2
*SUP 1: $558.00 - Low Aug 30
*SUP 2: $551.25 - Low Aug 26 and key near-term support
*SUP 3: $539.00 - Low Aug 8
*SUP 4: $534.00 - Low Aug 7 and bear trigger
GASOIL failed to hold onto last week's highs Friday. The key resistance band
between between $575.63 - $582.00 remains intact for now. This zone represents
the 50-day EMA and the Aug 13 and 21 highs. A break would remove recent bearish
threats and open trendline resistance at $587.73 drawn off the Jul 11 high.
Clearance of the trendline would in turn reinforce a bullish theme. Prices need
to trade below $551.25 to signal scope for weakness towards $534.00.

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