ICE Gasoline Feb Contract - Forecast for 01/24 by Daytradeideas.com

   on January 24 2013 9:00 AM

Gasoil is trying to make it to the 974.00 target but has so far topped at 973.50. There is good momentum so there is a chance we can push through 974 later in the day and head towards the next target of 977.08/979.19. This is very tough resistance and with the market starting to look over bought, this area should trigger profit taking.

The last 2 session have been held by 965.00 with further support down to 964.50. This should mark the low for today again if tested but watch for a break lower as this suggests a test of the next support at 959.21. Below here presents a nice buying opportunity at 955.26/954.88. We expect a bounce from here but need a stop on longs below 954.00.

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Long term levels

979.19     Daily 61.8% Fibonacci

966.50     Last Week’s High

963.50     Daily 50% Fibonacci

959.75     Dec High

957.38     100 Day Moving Average

951.88     100 Week Moving Average

943.00     Last Week’s Low

938.10     200 Day Moving Average

917.88     Weekly 50% Fibonacci

 

The article was first published by DayTradeIdeas.com

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