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ICE is still expected to go lower – NYMEX higher

Published Tuesday, June 3rd, 2014

Both contracts lived up to their expectations yesterday but none of them were eager enough to actually test its respective target. Therefore, there is no change as far as technicals are concerned. The ICE contract is still negative and the odds are on lower number. The NYMEX contract, on the other hand should have at least one more push to the upside.

July ICE: As this contract lost nearly 4% yesterday the 41.75 downside objective is still very much in sight. This is the January 2010 high. If we dip down there shorts should put some money in the bank. A close below this support is a sell again for a quick fall down to the long-term, monthly correction point at 40.35. If the latter were settled below any time in the future the closest significant support is the 200-month M/A at 36.35.

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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.