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ICE GASOIL (X20): Bearish Risk

OIL TECHS
  • RES 4: $363.75 - High Sep 3
  • RES 3: $355.63 - 50.0% retracement of the Aug - Oct decline
  • RES 2: $353.00 - High Oct 9 and the bull trigger
  • RES 1: $348.25 - High Oct 15
  • PRICE: $332.25 @ 07:00 BST Oct 23
  • SUP 1: $322.06 - 76.4% retracement of the Oct 2 - 9 rally
  • SUP 2: $312.50 - Low Oct 2 and the bear trigger
  • SUP 3: $306.31 - 76.4% retracement of the Apr - Aug rally
  • SUP 4: $300.00 - Psychological round number

Gasoil futures traded lower Wednesday but did find support yesterday. This week, futures cleared support at $331.25, Oct 6 low. The break confirms a resumption of the downleg that has followed the rejection off $353.00 Oct 9 high. With bears in charge, scope is seen for weakness towards $322.06, a retracement level ahead of the primary support at $312.50, Oct 2 low. This latter level also marks the bear trigger. Key resistance is at $353.00.

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