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ICE GASOIL (U19): Pressuring trendline....>
OIL TECHS: ICE GASOIL (U19): Pressuring trendline
*RES 4: $602.50 - High Jul 31
*RES 3: $601.00 - High Aug 1
*RES 2: $594.32 - Potential bull channel top drawn off the Aug 7 low
*RES 1: $588.00 - High Sep 5 and key intraday resistance
*PRICE: $578.25 @ 06:39 BST Sep 6
*SUP 1: $554.75 - Low Sep 4
*SUP 2: $547.00 - Low Sep 3 and initial key support
*SUP 3: $539.00 - Low Aug 8
*SUP 4: $534.00 - Low Aug 7 and bear trigger
GASOIL extended this weeks bounce yesterday, resulting in a test of trendline
resistance at $585.39, drawn off the Jul 11 high. Prices however are trading
back below the trendline. Yesterday's high of $588.00 represents an important
intraday resistance. A break would confirm a trendline breach and allow for a
stronger climb towards $601.00 and $606.75. A pullback however would refocus
attention on support around $547.00.
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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.