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ICE GASOIL (X20): Heavy!

OIL TECHS
  • RES 4: $355.63 - 50.0% retracement of the Aug - Oct decline
  • RES 3: $353.00 - High Oct 9 and the bull trigger
  • RES 2: $348.25 - High Oct 15
  • RES 1: $337.00 - High Oct 23
  • PRICE: $332.75 @ 07:44 BST Oct 26
  • 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 have started the week on a softer note extending the downleg that has been in place since reversing lower on Oct 9. The break lower has exposed key support at $312.50, Oct 2 low. This also marks the bear trigger where a break would set the scene for weakness towards the $300.00 level. Moving average studies are in a bear mode reinforcing current conditions. On the upside, initial firm resistance is seen at $337.00, Friday's high. Heavy!

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