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Gasoil Buying Opportunity With Stops Below 896

Published 11/07/2013, 02:21 AM
Updated 07/09/2023, 06:31 AM

Gasoil Technicals Chart
Gasoil shot higher as expected to our target of 908/909 and topped almost exactly here. However we have tumbled back to support at 900/898 for another buying opportunity with stops below 896. A break lower would be a surprise but targets 892 and possibly 888/887 this week.

If we manage to hold on to 898 look for a return to 903/904 then 908/909 today. A break higher perhaps later in the week meets strong resistance at 913/914.

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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