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.