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ICE GASOIL (X20): Bullish Focus Despite Pullback

OIL TECHS
  • RES 4: $365.80 - 61.8% retracement of the Aug - Oct decline
  • RES 3: $363.75 - High Sep 3
  • RES 2: $355.63 - 50.0% retracement of the Aug - Oct decline
  • RES 1: $353.00 - High Oct 9 and the bull trigger
  • PRICE: $338.50 @ 07:56 BST Oct 14
  • SUP 1: $331.25 - Low Oct 6 and key near-term support
  • 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

A sharp rally on Oct 5 in Gasoil futures confirmed a reversal of the downtrend that has dominated since Aug 5. Price action on this day was a bullish engulfing candle line. The rally that followed reinforces the shift in sentiment and although futures have pulled back this week, bullish conditions remain intact . Scope exists for a climb to $355.63 next, a Fibonacci retracement. On the downside, initial firm support has been defined at $331.25, Oct 6 low.

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