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OIL TECHS: ICE GASOIL (U19): Focus Still to the Downside
*RES 4: $604.75 - High Jul 31 (continuation)
*RES 3: $581.00 - High Aug 5
*RES 2: $568.50 - High Aug 6
*RES 1: $560.50 - Low Aug 5
*PRICE: $547.00 @ 07:56 BST Aug 9
*SUP 1: $539.00 - Low Aug 8
*SUP 2: $534.00 - Low Aug 7
*SUP 3: $526.50 - 76.4% retracement to Dec 2018 lows
*SUP 4: $517.00 - Low Jan 4 (continuation)
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. However, this
rebound appears to be little more than a short-term bounce and the trend lower
remains in place. Bears need to clear Wednesday's low of $534.00 ahead of moving
back to the January lows. Bulls need to move back above $578.75 to move back to
a more neutral outlook.