Technical forecast for Gasoil

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Gasoil for Aug held just above support at 913.50/912.50 where we expected a low for the day as we bottomed at 914.50. We have now pushed above the 200 day moving average at 922/923 but not above 927 to trigger stops on shorts. However a break higher cannot be ruled out and could target 931 then a move towards March/April highs at 935/936.

Look for support at 924/923.50 but below here could reach 919/918. If we continue lower we could test the low for the last 2 days at 914.50-913.50.

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