Gasoil was held by 1008 resistance in an overbought market and we predicted a drift lower to 998.50 and a low for the day here. We got very close but only reached 999.50 so we do expect to see 998.50 tested today. We should hold here initially but we cannot rule out a break lower later in the day for a test of good support at 992/991 and little chance of any further losses at this stage. However there is further good support at 988/987.
1008 remains tricky resistance on any bounce today but we have the momentum to push through here eventually, perhaps later in the week to the next target of 1014/16. Watch for profit taking here and the chance of a small pullback but if we break higher we should then close a gap at 1021.
Long term levels
1045 2012 High
1030 Oct High
1019 Sept High
1008 Last Week’s High
966 Last Week’s Low
959.75 Dec High
952.35100 Day Moving Average
The article was first published by DayTradeIdeas.com
Most Popular Slideshows
- IN PHOTOS! A Picture of Sadness in Kristen Stewart as Robert Pattinson Celebrates 27th Birthday ALONE? [SLIDESHOW]
- Selena's Bikini Body: How to Get the Toned Look in Two Easy Steps [PHOTOS & VIDEO]
- Jaden Smith Clarifies Emancipation Reports with Dad Will Smith on TV Show ‘Ellen’ [PHOTOS AND VIDEO]
- 'Fifty Shades of Grey' Movie Casting: Chris Evans as Christian Grey [PHOTOS]