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
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