GOIL finds buyers around 559.75 for the third day in a row

Gasoil (GOIL) Technical Analysis Report for Aug 19, 2019 | by Techniquant Editorial Team


GOIL finds buyers around 559.75 for the third day in a row
GOIL unable to break through key resistance level
GOIL stuck within tight trading range
GOIL closes within previous day's range after lackluster session


GOIL ended Monday at 563.50 gaining $2.00 (0.36%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (GOIL as at Aug 19, 2019):

Daily technical analysis candlestick chart for Gasoil (GOIL) as at Aug 19, 2019

Monday's trading range has been $9.00 (1.6%), that's below the last trading month's daily average range of $14.80. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GOIL. Prices continued to consolidate within a tight trading range between 557.50 and 571.00 where it has been caught now for the last three trading days.

One neutral candlestick pattern matches today's price action, the Doji.

Unable to break through the key technical resistance level at 566.00 (R1), the market closed below it after spiking up to 568.75 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. The contract found buyers again today around 559.75 for the third trading day in a row after having found demand at 557.50 in the prior session and at 558.00 two days ago. The last time this happened on July 29th, GOIL gained 0.76% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Selling could speed up should prices move below the close-by swing low at 557.50 where further sell stops might get activated.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Its common bullish interpretation has been confirmed for Gasoil. Out of 171 times, GOIL closed higher 55.56% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after eight trading days, showing a win rate of 50.88% with an average market move of 0.22%.

With three out of the other four Energy Markets closing higher today, the ones that stand out on the positive side are CRUDE gaining 2.29% and HEATOIL closing 1.13% higher. None of the markets ended the day in the red. Read more

Market Conditions for GOIL as at Aug 19, 2019

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