Free Trial

ICE GASOIL (U20): 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: $339.50 @ 07:42 BST Sep 4
  • SUP 1: $333.00 - Low Sep 3
  • SUP 2: $326.50 - Low Jun 12
  • SUP 3: $324.00 - 38.2% retracement of the Apr - Aug rally
  • SUP 4: $317.25 - Low Jun 1
Gasoil futures sold off sharply again yesterday extending the pullback from the recent high of $380.00, Aug 25 high. This week's sell-off has resulted in a breach of 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, yesterday high, the Jul 30 low and recent breakout level.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.