Gasoil had no trouble breaking through our resistance at 977.08/979.19 and has headed all the way towards our upper target of 989.25 so far reaching to 988. There is pretty tough resistance at 989.25 and we are getting very over bought so we need to be cautious here. However we have the momentum to push higher so go with a break looking for 992.25 then 994.25.
Support at 979.19 then 977 looks likely to hold any profit taking today. However below here look for the 9 day moving average and yesterday’s low in the 972.25/971.50 area.
Long term levels
979.19 Daily 61.8% Fibonacci
976.75 Last Week’s High
963.50 Daily 50% Fibonacci
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959.75 Dec High
959.25 Last Week’s Low
956.28 100 Day Moving Average
951.98 100 Week Moving Average
937.49 200 Day Moving Average
917.88 Weekly 50% Fibonacci
The article was first published by DayTradeIdeas.com
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