ICE Gasoline Feb Contract - Forecast for 01/30 by Daytradeideas.com

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January 31, 2013 12:49 AM EST

DayTradeIdeas.com

Gasoil had no trouble breaking through our resistance at 977.08/979.19 and has headed all the way towards our upper target of 989.25 so far reaching to 988. There is pretty tough resistance at 989.25 and we are getting very over bought so we need to be cautious here. However we have the momentum to push higher so go with a break looking for 992.25 then 994.25.

Support at 979.19 then 977 looks likely to hold any profit taking today. However below here look for the 9 day moving average and yesterday’s low in the 972.25/971.50 area.

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

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The article was first published by DayTradeIdeas.com

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