10th Oct - Heating Oil Pullback Reaches 61.8% Level
10 October 2013
WEEKLY CHART – CONTINUATION:
The market is currently easing again after recent test of the falling resistance line, at 3.1260 currently. A later break through this would be a bull sign.
DAILY CHART – Nov-13:
Following the false break through the Feb high subsequent pullback has reached the 2.9420/ 2.9316 area, 61.8% retracement and /08-Aug low. This is deeper than the Brent Crude (ICE)/Light Crude (NYMEX) pullbacks which have reached 38.2% so far. A subsequent break of this support would strengthen the bears’ position and greatly reduce the chances of new 2013 highs.
Meanwhile look out for resistance around the 3.1080 19-Jul high in the event of a rebound.
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