Free Trial

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

OIL TECHS
OIL TECHS: ICE GASOIL (U19): Key resistance still at $582.00
*RES 4: $596.07 - Trendline resistance drawn off the Jul 11 high
*RES 3: $586.50 - High Aug 2
*RES 2: $581.77/582.00 - 50-day-EMA / High Aug 13
*RES 1: $569.00 - High Aug 16
*PRICE: $563.50 @ 06:01 BST Aug 19
*SUP 1: $553.25 - Low Aug 13
*SUP 2: $539.00 - Low Aug 8
*SUP 3: $534.00 - Low Aug 7 and bear trigger
*SUP 4: $517.00 - Low Jan 4 (continuation)
GASOIL last weeks activity defined a key resistance at $582.00. Although the
recent downtrend that began on Jul 11 has been neutralised following the rally
off the Aug 7 low, clearance of $582.00 is required to signal the onset of a
stronger bullish theme. This would open trendline resistance at $596.07, drawn
off the Jul 11 high. A move below the Aug 13 low of $553.25 would instead expose
key support at $534.00 once again. A break resumes the downtrend.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.