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Gasoil Outlook Negative

Published 12/03/2013, 01:30 AM
Updated 07/09/2023, 06:31 AM

Gasoil Technicals
Gasoil reached the selling opportunity at 946/948 last week and topped exactly here as predicted. This trade worked perfectly as we hit our target of trend line support at 938/937 and bottomed exactly here. Today's outlook is still quite negative so below 935 meets good Fibonacci support at 933/932. This should hold the downside at this stage but below look for 100 day moving average support at 928/927.

Resistance at 947/948 is a selling opportunity again today, with stops above 950. A break higher is unlikely but if seen would target 955/956.

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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