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ICE GASOIL (U20): Pulling Away From Recent Highs

OIL TECHS
  • RES 4: $400.00 - Psychological round number
  • RES 3: $391.75 - High Aug 5 and the bull trigger
  • RES 2: $382.25 - High Aug 18
  • RES 1: $380.00 - High Aug 25
  • PRICE: $360.50 @ 08:51 BST Aug 28
  • SUP 1: $357.50 - Low Aug 21 and a key near-term support
  • 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 appear to be ending the week under pressure with prices pulling away from recent highs. Gains earlier this week did expose resistance at $382.25, Aug 18 high. A break would ease bearish concerns and potentially open the key resistance and bull trigger at $391.75, Aug 5 high. Clearance of this hurdle is required to confirm a resumption of the primary bull trend. Key near-term support to watch is at $357.50, Aug 21 low.

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