Technical & Fundamental Oil Reports Specialists

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ICE looks negative. NYMEX is also turning bearish.

Published Thursday, June 19th, 2014

July ICE: All the daily short-term M/As have been closed below yesterday. It is negative. On the other hand, the 40.35 correction point support has not. Nevertheless, it has been broken below this morning. This keeps bears in control. Now what they are looking for is a test of the 39.75 range support. It is the double bottom formed June 10 and 11. It might make sense to take a little bit of profit on short positions on a test of this level and run the rest down to the low of last week at 38.55. An eventual close below the latter would likely send the price of this contract down to the 200-month M/A support at 36.34 sometimes next week. The daily slow stochatics is pointing south confirming that lower numbers are more likely than higher ones.

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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.