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Gasoil : Exit Shorts And Try Longs

Published 11/05/2013, 03:24 AM
Updated 07/09/2023, 06:31 AM

Gasoil Technicals
Gasoil continued lower as predicted for a test of October lows at 903.50 then held just above September lows, 6 month trend line and good Fibonacci support at 900/898. If we see this level today, exit shorts and try longs expecting a low for the day with stops below 892.

Immediate resistance at 910 then the 200 day moving average at 913.75 but above here is more positive. We could then target resistance at 920/921 which should hold.

Weekly outlook: Excellent support at 900/898 for a buying opportunity and a potential low for the week. However a break below August lows at 891.50 targets 881/880.

Resistance at 921/923 could hold the topside but above here look for 935/936.

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