ICE GASOIL (U19): Downside still the......>

OIL TECHS: ICE GASOIL (U19): Downside still the focus

*RES 4: $598.04 - Trendline resistance drawn off the May 16 high

*RES 3: $581.00 - High Aug 5

*RES 2: $568.50 - High Aug 6

*RES 1: $560.75 - High Aug 12

*PRICE: $557.75 @ 06:19 BST Aug 13

*SUP 1: $539.00 - Low Aug 8

*SUP 2: $534.00 - Low Aug 7 and bear trigger

*SUP 3: $517.00 - Low Jan 4 (continuation)

*SUP 4: $517.00 - Psychological round number

Last Wednesday saw gasoil fall to levels not seen since the early part of the

year, before a partial retracement saw futures move off of their lows. This

rebound appears to be little more than a correction with the bearish trend still

intact. Bears need to clear Wednesday's low of $534.00 to confirm a resumption

of the downtrend. This would open $517.00 and the $500.00 level. A clear break

above $560.00 is needed to move back to a more neutral outlook.