Forecast for 30th January 2013

Gasoil ICE Feb contract

Gasoil

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
979.19Daily 61.8% Fibonacci
976.75Last Week’s High
963.5Daily 50% Fibonacci
959.75Dec High
959.25Last Week’s Low
956.28100 Day Moving Average
951.98100 Week Moving Average
937.49200 Day Moving Average
917.88Weekly 50% Fibonacci


Natural Gas Feb contract

Natural Gas

Nat Gas headed lower as expected to hit our target of 3.209/06 where we predicted a low for the day and in fact the market bottomed at exactly 3.207.

The bounce has already taken us to our first resistance at 3.300/310 which we predicted would be tough to beat and so far we have not made it through here. However a break above 3.325 does look more likely today for further gains to a target of 3.374/386. If we manage a push through this resistance we should close the gap at 3.426.

The downside should be more limited today with a recovery possible in to the end of the week. There is a little support at 3.24 then yesterday’s low at 3.215/207. Below here we hit strong support from the 5 month trend line at 3.175 which should see us bounce but a break could keep the pressure on for 3.122 then 3.087.

Long term levels
3.9332012 High
3.804200 Week Moving Average
3.748December High
3.645Last Week’s High
3.411Last Week’s Low
3.348100 Week Moving Average
3.399100 Day Moving Average
3.079Weekly 38.2% Fibonacci
3.006200 Day Moving Average