ICE Gasoline March Contract - Forecast for 02/27 by Daytradeideas.com

Gasoil is testing 21, 55 & 100 week moving average support in the 957.45-952.94 band & has held on here. Today we look for a bounce back to 961.94 then 964.38 but there is scope for 968.40/970.44 on this correction higher. Here we should hit selling pressure so watch for a top.A break below 951 is unlikely today but would target 948.47. This is good daily Fibonacci support with good weekly support at 945.42. Just below here the 8 month uptrend line is at 942 & 200 day moving average at 941.03 so this area should offer a good buying opportunity if seen thisweek.

Long term levels1045     2012 High1012     Last Week’s High1030     Oct High1019     Sept High976       Last Week’s Low960       Dec High959.80  100 Day Moving Average

952.94  100 Week Moving Average

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