Technical forecast for Gasoil

gasoil

Gasoil for Aug held 906 but we may not make it as far as the 200 day moving average at 922/923 again. We are overbought on the daily chart but if we do see this level it may be wise to exit longs & try shorts with a high for the day expected. Use stops above 927.

We have some short term trend line support at 913 but below here look for Fibonacci support at 907/906 again. A break lower however signals continued losses & should target 898/897. Look for a low for the day with a good chance of a bounce from here.

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