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Test of support on ICE – Resistance on NYMEX

Published Monday, June 9th, 2014

July ICE:Another week and another fresh 46-month low is the order of the day after the contract fell further on Friday. We have a valid target for those holding short positions in the form of the 200-month M/A at 36.33. It is some way below the current price action but there are no significant supports on the daily, weekly or monthly chart before this indicator. The contract is unlikely to fall down to this level in a straight line so there could be supports higher than 36.33 in coming days being formed but at the moment the 200-month M/A is the closest one. Shorts are currently safe and are only recommended to cut their exposure if the 40.35 correction point resistance were closed back over.

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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.