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OIL TECHS: ICE GASOIL (Z19): Range Breakout?
*RES 4: $595.75 - High Oct 24 and Oct 28 and key resistance
*RES 3: $593.75 - High Nov 6
*RES 2: $592.00 - High Nov 15
*RES 1: $574.75 - High Nov 19
*PRICE: $560.25 @ 07:46 GMT Nov 20
*SUP 1: $558.75 - Low Nov 19
*SUP 2: $548.25 - Low Oct 3 and primary support
*SUP 3: $542.50 - Low Sep 3
*SUP 4: $536.75 - Low Aug 8
GASOIL experienced strong selling pressure Tuesday resulting in a breach of key
support at $559.75, Oct 31 low. The move below this support signals a developing
bearish risk and has opened primary support at $548.25, Oct 3 low. Trend
directional signals are unsurprisingly relatively flat given the recent broad
consolidation. However this would likely change if prices extend the downside. A
move above yesterday's $574.75 would resume a neutral tone.