Free Trial

ICE GASOIL (V20): Outlook Remains Bearish

OIL TECHS
  • RES 4: $345.04 - 50-day EMA
  • RES 3: $344.75 - High Sep 18 and a reversal trigger
  • RES 2: $340.00 - High Sep 21
  • RES 1: $338.25 - High Oct 1
  • PRICE: $318.75 @ 07:02 BST Oct 5
  • SUP 1: $308.25 - Low Oct 2
  • SUP 2: $310.00 - Low May 18
  • SUP 3: $298.91 - 76.4% retracement of the Apr - Aug rally
  • SUP 4: $286.75 - Low May 14

Gasoil futures were under pressure Friday but have found support for now. Futures last week cleared key support and the bear trigger at $314.75, Sep 8 low. The break confirms a resumption of the downtrend that started early August. This paves the way for a steeper decline towards the $300.00 handle and $298.91, 76.4% retracement of the Apr - Aug rally. Firm resistance has been defined at $338.25, Oct 1 high.

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.