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ICE GASOIL (V20): Bounced Off Recent Lows

OIL TECHS


  • RES 4: $378.25 - High Aug 31
  • RES 3: $374.00 - High Sep 2
  • RES 2: $355.89 - 50-day EMA
  • RES 1: $344.75 - High Sep 18
  • PRICE: $337.00 @ 06:50 BST Sep 21
  • SUP 1: $314.75 - Low Sep 8 and the bear trigger
  • SUP 2: $313.50 - Low May 29
  • SUP 3: $300.00 - Round number resistance
  • SUP 4: $298.91 - 76.4% retracement of the Apr - Aug rally

Gasoil traded higher Thursday. Futures recently tested $317.42, 61.8% of the Apr - Aug rally but this level has managed to provide support despite a brief probe. Attention turns to $343.00, the 20-day EMA that was probed Friday. A clear break of this average would open $355.89, the 50-day EMA. On the downside, key support has been defined at $314.75, Sep 8 low. A move through this level would confirm a resumption of bearish pressure.

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