Diesel approaches support line

Source: Dukascopy Bank SA


The price for a metric ton of diesel spiked in March, as it shortly reached above the 1,400.00 mark. Since then, the commodity has revealed that it respects the support of an ascending trend line, which connects the last two year low levels. In the meantime, resistance is being provided by a line, which connects March high levels.

During the early trading of April, the price was being squeezed in between the two trend lines. A squeeze is expected to result in a break out either up or down.

If the price breaks out by surging, the 1,250.00 and 1,400.00 March high levels might act as resistance. On the other hand, a decline could find support in the 100-day simple moving average near 830.00 and the 800.00 mark, before the 750.00 level and the 200-day simple moving average are reached.

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