London Gas Oil tests key resistance at $1,230: Live levels

London Gas Oil is currently locked in a battle for a key resistance level at $1,230.49 on its 5-hour chart. Despite being rejected at this price, the asset remains above $1,215.49. This zone could be a turning point, potentially leading to either a bullish breakout or a bearish reversal as momentum intensifies on both sides. The most recent 5-hour bar closed at $1,215.49 after reaching a high of $1,230.49, forming a classic shooting star candle.

This candle, with its long upper wick, indicates that sellers have been aggressively defending the 61.8% Fibonacci level and the 50-period SMA and SuperTrend. With the price caught between the short-term bullish trend (above the 20-SMA at $1,169.08) and mid-term resistance, the next move will determine whether bulls or bears take control.

This situation is a classic test of patience, waiting to see which direction London Gas Oil will prove its next move. For now, the risk/reward improves after a breakout or a clear rejection, making it a higher-probability play to wait and pounce.