ICE Gasoline March Contract - Forecast for 02/20 by Daytradeideas.com

Gasoil is hovering below 1004 after we just held 1000/999 support yesterday as hoped. However a break lower is more likely today so any longs need a stop & reverse in to shorts below 996 for 991/989 as the next target & support. There is scope for 981/979 perhaps later in the week which would offer an excellent buying opportunity with a low for the correction expected here.

Resistance is at 1004/05 but above 1006 look for 1010/11 then 1015 with 1018 likely to cap any rally this week.

Long term levels

1045     2012 High

1031     Last Week’s High

1030     Oct High

1019     Sept High

999       Last Week’s Low

959.75  Dec High

958     100 Day Moving Average

The article was first published by DayTradeIdeas.com