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ICE GASOIL (U20) Still Looking For A Break Higher

OIL TECHS


  • RES 4: $426.50 - High Apr 2
  • RES 3: $417.04 - 200-dma (cont)
  • RES 2: $400.00 - Psychological round number
  • RES 1: $391.75 - High Aug 5 and the bull trigger
  • PRICE: $367.75 @ 07:13 BST Aug 18
  • SUP 1: $368.27/67.75 - 50-dma / Low Aug 7
  • SUP 2: $357.67 - 3.0% Lower Bollinger Band
  • SUP 3: $351.50 - Low Jul 30 and a key reversal trigger
  • SUP 4: $345.25 - Low Jun 29

Gasoil futures continue to consolidate. Bullish conditions however remain intact. Attention is on the bull trigger at $391.75, Aug 5 high where a break would confirm a resumption of the uptrend and open $400.00 and $426.50 further out, the Apr 2 high. The core trend sequence of higher highs and higher lows remains intact, reinforcing underlying bullish conditions. Key near-term support for now is seen at $367.75, Aug 7 low.

Energy BulletsCommodities
Energy BulletsCommodities

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