Technical & Fundamental Oil Reports Specialists

Follow us

Both contracts are still negative

Published Monday, June 23rd, 2014

July ICE: After the initial weakness the contract managed to climb back over the 39.75 range support and settled above, albeit the close was still a few points below Thursday’s settlement. This morning the contract is weakening further meaning that the ultimate target below the current price level is expected to be tested in the near future. It is the daily low from June 9 on the July contract and is at 38.55. Shorts are advised to cover the remaining of their positions on a test of this support and re-sell if closed below. Should this support be broken and settled below the 200-month M/A at 36.34 will come into play as the nearest technical downside objective. If the contract fails to weaken further, short positions should be protected on an intra-day break above the 40.20/35 area. It is where the 5-day M/A and the monthly correction point are. These short positions then ought to be re-instated on a test of the 13-day M/A at 40.50 and protected on a close above the 8-day that is currently at 40.72

to read the rest of the report, please click here 

Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.