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Gasoil Holds The Downside As Expected

Published 12/03/2013, 08:56 AM
Updated 07/09/2023, 06:31 AM

Gasoil Technicals
Gasoil dipped to Fibonacci support at 933/932 as predicted and this held the downside as expected. However we then shot through 950 but failed just below the 955/956 target. Although unexpected we quickly settled back below 948 and below 943 today adds pressure. Immediate support is 937 then 933/932. Again this should hold the downside but a break lower targets 928/927 for a short term buying opportunity.

948 could hold a move higher but shorts need stops above yesterday's 953 high for 955/956 then a selling opportunity at 964/965 at this stage.

Weekly outlook: 946/948 did cap last week as predicted and could do so again this week. However a break higher targets 956 and possibly 965/967. Short term support at 933/32 then 100 day moving average at 927/926 before Fibonacci support at 923.

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