Technical & Fundamental Oil Reports Specialists

Follow us

Further weakness on ICE – Test of resistance on NYMEX

Published Monday, June 2nd, 2014

July ICE: The question on Friday was whether the July contract would take over the role of June. Thursday’s low of 44.15 was singled out as the level below which the take-over would occur. The close was 1 point below this support and the market is duly trading lower this morning. Shorts are probably looking for lower numbers and they are now expecting a test of the 41.75 range support. This is the monthly high from January 2010. Short positions should be covered on further weakness down there. Should it be closed below the continuation low from May at 41.00 and the 61.8% monthly correction point of the August 2009-March 2013 uptrend at 40.35 will become the next objectives on the downside.

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.