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ICE is still negative – NYMEX turned bearish, too

Published Wednesday, June 11th, 2014

July ICE: After Monday’s rally and the further strength yesterday morning bears can relax now, it would seem. Whether this will be short-lived remains to be seen but the fact that the contract did not settle above the long-term correction point resistance at 40.35 and the contract came well of yesterday’s high should mean that lower numbers are on the cards. Of course, on a close over the 40.35 c/p resistance no short positions should be held but as long as the market is below this level there is every chance for softer numbers. At the time of writing all the daily short-term M/As are above the price action with the 5-day the lowest of them at around 40.03.

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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.