Free Trial

ICE GASOIL: (V17) Bears Dominate While....>

OIL TECHS
OIL TECHS: ICE GASOIL: (V17) Bears Dominate While $521.25 Caps
*RES 4: $541.06 - Daily Bull channel top 
*RES 3: $534.25 - 2017 High Sept 8 
*RES 2: $529.75 - Hourly support Sept 8 now resistance 
*RES 1: $521.25 - Low Sept 8 now resistance
*PRICE: $515.00 @ 0430GMT
*SUP 1: $510.25 - Hourly support Sept 5, Low Sept 12 
*SUP 2: $503.00 - Hourly support Sept 5a 
*SUP 3: $495.00 - High Aug 10 now support 
*SUP 4: $495.00 - High Aug 10 now support
*COMMENTARY: Fresh 2017 and 2+ year highs Friday lacked follow through and
combined with very O/B studies increases the risk of a correction with bears
taking comfort in Monday's sell-off. Bears still need a close below $510.25 to
confirm focus on $495.00-503.00 where key supports and the 21-DMA are situated.
Resistance layers are building with bulls now needing a close above $521.25 to
gain breathing room and return focus to 2017 highs.

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.