ICE Gasoline Feb Contract - Forecast for 02/01 by Daytradeideas.com

Gasoil fell back to 984.90/30 support which we predicted would hold the downside and we bottomed at 984.75. We have continued higher now, through 995.50 as we head towards our next target of 1001.50/1008 and tough resistance here in an overbought market may see us top out for the time being.

Look for support at 994.50/994.00 then 987 below which could hold any profit taking.

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