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ICE GASOIL (U20): Focus Remains On The Key Support

OIL TECHS
  • RES 4: $411.82 - 200-dma (cont)
  • RES 3: $400.00 - Psychological round number
  • RES 2: $391.75 - High Aug 5 and the bull trigger
  • RES 1: $382.25 - High Aug 18
  • PRICE: $367.00 @ 07:14 BST Aug 25
  • SUP 1: $357.50 - Low Aug 21
  • SUP 2: $351.50 - Low Jul 30 and a key reversal trigger
  • SUP 3: $345.25 - Low Jun 29
  • SUP 4: $332.25 - Low Jun 15

Gasoil futures traded sharply lower Friday extending last week's bearish pressure. Despite yesterday's bounce, the move lower Friday highlights a potential developing bearish risk and attention is on the key support at $351.50, Jul 30 low. A break here would confirm a top and pave the way for a deeper correction opening $345.25, Jun 29 low. On the upside, initial firm resistance is seen at $382.25, Aug 11 high.

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