Market Overview

Technical Forecast for Gasoil



Gasoil headed lower as expected breaking 838 but only as far as 834.25 before we bottomed. We warned that we were oversold short term & a sharp bounce unexpectedly took us through all resistance. Today strong resistance at 859 should hold the topside again so we could use this as a selling opportunity with stops above 863.


Immediate support is 853.75 but below here sees 851/50 & possibly 846.50/25. Watch for a

bounce from here & may be a low for the day but a break lower could target 841/840 then yesterday’s low at 834. Another break lower today then targets 831/830.

The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: Commodities Markets Trading Ideas


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