ICE Gasoline Feb Contract - Forecast for 01/29 by Daytradeideas.com

Gasoil at last hit our target of 977.08/979.19 as hoped and came to a halt. We know this is very tough resistance and with the market starting to look over bought, this area should trigger profit taking for the week. However if attempting shorts we need a stop above 981.25 for 982.75 then 989.25 in to next week.

Support at 968/967.25 was tested and we did dip just a fraction below here to 966 but quickly recovered. So 967.50/966 should act as support again today but we are just breaking the one month up trend line, so below here today we could see 964/963.50. A break below 961 could then target very strong support at 657.95/956.65 for a buying opportunity.

Long term levels

979.19     Daily 61.8% Fibonacci

976.75     Last Week’s High

963.50     Daily 50% Fibonacci

959.75     Dec High

959.25     Last Week’s Low

956.28     100 Day Moving Average

951.98     100 Week Moving Average

937.49     200 Day Moving Average

917.88     Weekly 50% Fibonacci

The article was first published by DayTradeIdeas.com