ICE GASOIL (U20): Heavy Following Recent Reversal Lower

• RES 4: $371.75 - High Aug 31
• RES 3: $351.50 - High Sep 3 and low Jul 30 and recent breakout level
• RES 2: $347.75 - High Sep 4
• RES 1: $330.25 - High Sep 8
• PRICE: $310.00 @ 07:14 BST Sep 9
• SUP 1: $306.00 - Low Sep 8
• SUP 2: $304.25 - Low Jun 29
• SUP 3: $300.00 - Round number resistance
• SUP 4: $288.23 - 76.4% retracement of the Apr - Aug rally

Gasoil futures remain bearish following last week's move lower and this week's acceleration of the sell-off. Moving average studies have also shifted to a bearish mode. Furthermore, futures have breached support at $351.50, Jul 30 low and $345.25, Jun 29 low as well as a number of retracement levels. The focus is on $304.25 next, Jun 29 low and $288.23, a Fibonacci retracement level. On the upside, initial resistance is seen at yesterday's high of $330.25.