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Watch 40.35 on ICE – Probably higher on NYMEX

Published Wednesday, June 18th, 2014

July ICE: The contract did its best to go lower and close below important support but has only managed to go half way. It broke below all of the daily short-term M/As and even below the 40.35 monthly correction point support but by the close it was above 40.35 and also over the 8-day M/A. So we did not get a sell signal but may be today. The current level is below the daily M/As. The 5-day is 41.27, the 13-day is at 41.00 and the 8-day is at 40.89. Those who are very eager to short the contract are recommended to liquidate half of the position on an intra-day break over the 5-day and go completely flat on a close above. Those who are more conservative are advised to only sell short on a close below 40.35. In any case the next downside objective is last week’s low of 38.55.

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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.