Gasoil ICE Feb contract Forecast for 17th January 2013

Gasoil ICE Feb contract Forecast for 17th January 2013
Gasoil ICE Feb contract Forecast for 17th January 2013
Gasoil looks like we are running out of momentum as we have warned and can expect a small correction. We dipped below 948.83 yesterday but recovered quickly. If we move back below here today look for a test of 943.38 before better support at 939.95/937.92. Here we can exit all shorts and try longs for a bounce with a stop below 936.

Resistance at 955.60 could see us struggle. If we do push higher then 964.50/966.00 should remain very tough to beat but a break above 967 should signal another leg higher towards 972.25/75, possibly 974.00. A push through here would then keep the momentum going for a test of tough resistance at 979.19 which may trigger some profit taking.

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