London Gas Oil

Technical Analysis – London Gas oil futures plunge to 8-month low; bearish bias in short term

Posted on November 23, 2018 at 11:29 am GMT

London Gas oil futures have been underperforming in the past six days, breaking below the 38.2% Fibonacci retracement level of the upleg from 352.63 to 751.00, around the 600.00 handle, recording a fresh eight-month low of 584.50. Momentum indicators are endorsing the sharp bearish movement as the MACD is strengthening its negative momentum in the negative area and the RSI holds below the oversold zone. The next target to the downside is the 555.60 support, which stands near the 50.0% [..]

Technical Analysis – London Gas Oil futures trades near ascending trend line; outlook still bullish

Posted on August 9, 2018 at 2:00 pm GMT

London Gas Oil futures have reversed back up again after finding support near the long-term ascending trend line. After the pullback on the 704.13 resistance level, the price came under pressure and started a downside rollercoaster. However, the weak picture in the short-term is further support by the technical indicators. But the technical indicators now support that the market could develop sideways in the short-term as the RSI holds near its neutral threshold of 50 and the MACD lies pretty close to zero [..]

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