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ICE is negative – Watch the 13 day on NYMEX

Published Thursday, June 26th, 2014

August ICE: We got the next sell signal in the form of a close below the 41.00 range support. This is the daily low on June 9. The contract has opened with a downside gap this morning and is expected to go further down. Fresh shorts are reminded that the nearest support level is at 39.75. This is the continuation low and double bottom on June 10 and 11. It is logical to try and take profit when this support is approached. A close below this level is a sell again for further weakness, possibly down to the next continuation low at 38.55. If the above view turns out to be incorrect short are recommended to cut losses on a close over the aforementioned 41.00 level. On such a move the contract would not turn positive but a rally up to the 8-day M/A could easily take place.

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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.