Gasoil: Negative Below 923
Jason Sen | Dec 19, 2013 05:29AM ET
Gasoil retested 915 to reach 920/921 and struggled as expected but eventually broke above 922 but squeezed higher than expected to 931.75. Below 927 meets support at 925/924 which could hold the downside but below here some support at 922/921. A break below 919 is likely to retest 915.
If we can hold on to 927 look for resistance at the 100 day moving average at 930. We should struggle here but a break above yesterday's high at 931.75 is positive and targets 935/936. Any shorts here need stops above the high this week at 937.75.
Weekly outlook is negative below 923 with support at 917/916. We are oversold on the daily chart but a break lower cannot be ruled out and could target 910/909. Only above 927 is more positive for the week and targets 937 then 941 and 947.
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