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.

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