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Watch the 100-day M/A on NYMEX – ICE has hit its next target

Published Thursday, June 5th, 2014

July ICE: After all the 41.75 range support did not turn out to be that strong. The contract penetrated this level yesterday like hot knife through butter. It did not waste much time testing the next support, the 41.00 range. Late strengthening of the price helped the market settle above the latter but firmly below the former. By any means yesterday’s settlement was a sell. Follow-through selling has pushed the price lower this morning and the next and most important target has been hit. This is the big monthly correction point at 40.35.

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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.