PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
Published Tuesday, April 1st, 2014
May ICE: The next downside target was tested, broken and closed below yesterday. This is the monthly low from May 2012 and is at 51.74. It was recommended in yesterday’s report that shorts should take profit there and only re-sell if closed below. This view has to be re-visited for one very simple reason. This is that after falling below the 51.74 support the contract headed straight to the next level, the 100-month M/A that was 50.83 yesterday and is 50.53 today. It was put under pressure but not closed below. Since this important monthly support was tested but held on the last day of the month shorts should be careful. It is not to say that the downtrend is over, it is only to point out that we might see some kind of upside retracement.
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