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ICE GASOIL (V20): Trading Sideways But Bearish Outlook Intact

OIL TECHS
  • RES 4: $378.25 - High Aug 31
  • RES 3: $374.00 - High Sep 2
  • RES 2: $345.63 - 20-day EMA
  • RES 1: $338.25 - High Sep 8
  • PRICE: $324.25 @ 07:07 BST Sep 16
  • 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 is unchanged and is consolidating. Futures remain bearish following the recent sharp move lower. Moving average studies have also shifted to a bear mode. Furthermore, futures have recently breached support at $356.50, Jul 30 low and $350.50, Jun 29 low as well as a number of retracement levels. The focus is on $313.50 next, May 29 low and $298.91, a Fibonacci retracement. Initial resistance is seen at $338.25, Sep 8 high.

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