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Gasoil Overbought, Immediate Resistance 948/949

Published 12/09/2013, 05:47 AM
Updated 05/14/2017, 06:45 AM

Gasoil overbought & just held support at 941/940. A break below 439 targets support at 936/935 which could hold the downside but longs need stops below 933. A buying opportunity at 100 day moving average support at 929/928 with stops below 925.

Immediate resistance at 948/949 could hold a move higher again, but above here we can retest the high last week at 953. We are overbought so we should halt within this band again today. However be ready to go with a break higher for 955/956 & perhaps as far as a selling opportunity at 964/965.
Gasoil
Weekly outlook: 949 capped most days last week & could do so again this week. However a break higher targets 956 & possibly 965/967. Short term support at 937/935 then 100 day moving average at 929/928 before Fibonacci support at 923.

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