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ICE GASOIL (U20): Clears Key Supports

OIL TECHS
  • RES 4: $391.75 - High Aug 5 and the bull trigger
  • RES 3: $382.25 - High Aug 18
  • RES 2: $380.00 - High Aug 25
  • RES 1: $371.75 - High Aug 31
  • PRICE: $347.75 @ 07:12 BST Sep 3
  • SUP 1: $345.25 - Low Jun 29
  • SUP 2: $339.99 - 38.2% retracement of the Apr - Aug rally
  • SUP 3: $332.25 - Low Jun 15
  • SUP 4: $326.50 - Low Jun 12

Gasoil futures sold off sharply yesterday extending the pullback from the recent high of $380.00, Aug 25 high. Yesterday's move resulted in a breach of support at $357.50, Aug 21 low and $351.50, Jul 30 low. The break lower confirms a near-term top and the likely beginning of a deeper corrective pullback. The focus is on $345.25 next, Jun 29 low. On the upside, resistance is at $371.25, Aug 31 high.

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