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ICE is neutral – NYMEX turned bullish

Published Friday, June 13th, 2014

July ICE: The contract is getting increasingly range-bound so more patience is needed. It closed right on the crucial 40.35 c/p level yesterday and is rallying this morning. It is above the 5 and 8-day M/As (they are at 40.39, very close to the aforementioned c/p) but below the 13-day M/A at 41.62. A close below the 40.39/35 support is still deemed to be a sell for a further dump to 38.55. The latter is this week’s low. After reaching this low at the beginning of the week the market somewhat strengthened but it was not very convincing as the 13-day M/A is still above the current price level. For this reason a rally up there is also a sell but these shorts are highly recommended to protect the positions if 41.62 were settled above

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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.