Gasoil tested September lows, 6 month trend line and good Fibonacci support at 900/898 to exit shorts and try longs expecting a low for the day with stops below 892. This trade worked perfectly as we bottomed exactly at 898.50 andthis should mark the low for the week. We look for a move towards 908/909 today andpossibly as far as strong resistance at 913/914 for profit taking on our longs.
Immediate support is 900/898 of course for a buying opportunity with stops below 896. A break lower then targets 892 andpossible 888/887 this week.
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.