Free Trial

ICE GASOIL: (X18) Back Above $700 *RES...>

OIL TECHS
OIL TECHS: ICE GASOIL: (X18) Back Above $700 
*RES 4: $800.00 - Resistance 
*RES 3: $785.00 - High November 24 2014 
*RES 2: $750.00 - Measured move from the bull flag breakout 
*RES 1: $707.25 - High Sep 4 
*PRICE: $706.50 @ 06:11 GMT 
*SUP 1: $687.38 - 21-dma 
*SUP 2: $665.00 - Low Aug 14 
*SUP 3: $635.50 - Low Aug 15 
*SUP 4: $628.50 - Low July 18 
Nov-18 gasoil futures followed Brent's lead to break back above the $700 level
as the Sep 4 high of $707.25 comes within touching distance. The bigger picture
trend looks increasingly bullish and a break above $707.25 would open up the
$750 area which marks the measured move from the bull flag breakout. Bears need
a break below the 21-dma to take the pressure off but would would need a close
back below the Aug 14 high to shift the short-term outlook negative.

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.