Free Trial

ICE GASOIL (V20): Bullish Conditions Intact

OIL TECHS
  • RES 4: $358.25 - High Sep 3
  • RES 3: $355.50 - High Sep 4
  • RES 2: $352.00 - 50.0% retracement of the Aug - Oct decline
  • RES 1: $348.50 - High Oct 7
  • PRICE: $345.75 @ 06:57 BST Oct 9
  • SUP 1: $327.25 - Low Oct 6
  • SUP 2: $308.25 - Low Oct 2 and the bear trigger
  • SUP 3: $310.00 - Low May 18
  • SUP 4: $298.91 - 76.4% retracement of the Apr - Aug rally

A sharp rally on Oct 5 in Gasoil futures highlights a reversal of the downtrend that has dominated since Aug 5. Price action on this day is a bullish engulfing candle line. The rally that has followed reinforces this shift in sentiment. Current conditions signal scope for a climb towards $352.00 next, a Fibonacci retracement. On the downside, initial firm support has been defined at $327.25, Oct 6 low.

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.