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ICE GASOIL (U19): Key resistance band.....>

OIL TECHS
OIL TECHS: ICE GASOIL (U19): Key resistance band remains intact
*RES 4: $587.04 - 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: $574.85/576.50 - 50-day EMA / Aug 21 high
*PRICE: $558.25 @ 06:27 BST Sep 3
*SUP 1: $554.25 - Low Sep 2
*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 on Friday to hold onto last week's highs. The key resistance band
between $574.85 - $582.00 remains intact for now. This zone represents the
50-day EMA and the Aug 13 and 21 highs. A break would remove existing bearish
threats and open trendline resistance at $587.04, 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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