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Gasoil: Building A Solid Base

Published 05/07/2014, 05:00 AM
Updated 07/09/2023, 06:31 AM

Gasoil Weekly Chart

Gasoil back to 896/895 for a buying opportunity and looks like it is building quite a solid base. If we can hold here again today being oversold and form a rare bullish triple bottom, look for a recovery to resistance at 904/05. We should struggle here with a pause expected initially at least, but a break higher cannot be ruled out and could target 909/910. A high for the day expected here but bear in mind a break higher could target resistance at 913/914. If prices continue higher this week look for a selling opportunity at 917/918.

Failure to beat 904/903 sees a retest of 896/895. However be ready to go with a break lower for a move towards 886/885.

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