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ICE is neutral – Downside target is still valid on NYMEX

Published Thursday, June 12th, 2014

July ICE: It is best to be flat and look for levels to go short again. The 40.35 retracement level was closed above last night which makes holding short positions risky. Should this support be settled below again tonight the bearish mood will be restored and the 38.55 downside target will be green-lighted again. This level is very likely to be tested on a close below 39.75. This is where the July contract bottomed out on Tuesday and yesterday forming a double-bottom. On the upside the 8-day M/A resistance is being flirted with at the time of writing. It is currently at 40.57. Should it be settled over it is not unreasonable to expect a rally up to the 13-day M/A. The latter is around 41.97. An eventual jump up there is a sell.

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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.