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ICE GASOIL (U20): Heavy Following Strong Reversal Lower

OIL TECHS


  • RES 4: $382.25 - High Aug 18 and a key resistance
  • RES 3: $380.00 - High Aug 25
  • RES 2: $371.75 - High Aug 31
  • RES 1: $351.50 - High Sep 3 and low Jul 30 and recent breakout level
  • PRICE: $330.75 @ 07:54 BST Sep 7
  • SUP 1: $326.50 - Low Jun 12
  • SUP 2: $324.00 - 38.2% retracement of the Apr - Aug rally
  • SUP 3: $317.25 - Low Jun 1
  • SUP 4: $308.01 - 50.0% retracement of the Apr - Aug rally

Gasoil futures remain bearish following last week's move lower, extending the pullback from the recent high of $380.00, Aug 25 high. Last week's move also saw futures breach support at $357.50, Aug 21 low and $351.50, Jul 30 low. The break lower confirms a near-term top and signals scope for a deeper corrective pullback. The focus is on $324.00 next, a Fibonacci retracement. Resistance is at $351.50, Sep 3 high.

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