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ICE GASOIL (Z19): Consolidating In A......>

OIL TECHS
OIL TECHS: ICE GASOIL (Z19): Consolidating In A Broad Range
*RES 4: $602.75 - 50.0% retracement of Sep 16 - Oct 3 decline
*RES 3: $595.75 - High Oct 24 and Oct 28 and key resistance
*RES 2: $593.75 - High Nov 6
*RES 1: $592.00 - High Nov 15
*PRICE: $587.75 @ 07:20 GMT Nov 18
*SUP 1: $563.00 - Low Nov 13
*SUP 2: $559.75 - Low Oct 31 and key support
*SUP 3: $548.25 - Low Oct 3 and primary support
*SUP 4: $542.50 - Low Sep 3
GASOIL is unchanged and remains above $559.75, Oct 31 low. A break below this
important support would pave the way for a test of primary support at $548.25,
Oct 3 low. The recovery however on Nov 1 and Nov 4 is still viewed as a positive
development despite the subsequent broader consolidation that has unfolded. To
confirm a bullish scenario, prices need to clear resistance at $595.75, Oct 24
and 28 high. A break would open $602.75 as an initial objective.

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