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ICE GASOIL (V20): Still Trading Below Key Resistance

OIL TECHS
  • RES 4: $378.25 - High Aug 31
  • RES 3: $374.00 - High Sep 2
  • RES 2: $349.17 - 50-day EMA
  • RES 1: $344.75 - High Sep 18 and a reversal trigger
  • PRICE: $331.00 @ 07:04 BST Sep 29
  • 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 futures are firmer but despite this, the outlook remains bearish. The sell-off Sep 21 confirmed a top at $344.75, Sep 18 high and price action recently stalled just above the 20-day EMA. Also, a bearish price pattern on Sep 18 , a doji reinforces a bearish climate. Continued weakness would open $314.75, Sep 8 low where a break would confirm a resumption of the downtrend. $344.75 is key resistance, a break would alter the picture.

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