Gasoil sideways for almost 2 weeks & this pattern looks more like a pause in the bear trend to allow the oversold conditions to unwind, rather than a
Gasoil November contract Daily Forecast - 28 October 2014Gasoil sideways for almost 2 weeks & this pattern looks more like a pause in the bear trend to allow the oversold conditions to unwind, rather than a basing pattern. Immediate resistance at the 7 day high of 743/46 but shorts need stops above 749 for a test of strong resistance at 753/55 which should hold a move higher today. However a break above 759 signals further gains to 766/768 before strong resistance at 775.
Immediate support at 732/731 then the 7 day low at 727/725 could hold the downside again today. Eventually a break lower looks likely. Longs therefore need stops below 722 for a test of October lows of 719/717. This must hold or a break lower signals the start of the next leg lower in the 4 month bear trend. Be ready to go with a break to target important longer term Fibonacci support at 708/707.
FX Empire editorial team consists of professional analysts with a combined experience of over 45 years in the financial markets, spanning various fields including the equity, forex, commodities, futures and cryptocurrencies markets.
