Technical forecast for Gasoil

Gasoil headed lower as expected breaking 838 but only as far as 834.25 before we bottomed. We warned that we were oversold short term & a sharp bounce unexpectedly took us through all resistance. Today strong resistance at 859 should hold the topside again so we could use this as a selling opportunity with stops above 863.

Immediate support is 853.75 but below here sees 851/50 & possibly 846.50/25. Watch for a
bounce from here & may be a low for the day but a break lower could target 841/840 then yesterday’s low at 834. Another break lower today then targets 831/830.

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More