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Higher on ICE – NYMEX is consolidating

Published Friday, July 25th, 2014

The ICE contract hit its upside objective yesterday and closed above. Long positions were probably closed out during the day and re-established on the close. The NYMEX contract failed to test its downside target before rallying. Short positions were likely covered on the close.

August ICE: The upside target in question was the 34-day continuation M/A at 38.58. It was closed over therefore bulls went probably long again. They are now looking for the test of the next significant resistance –the 34-day contract M/A at 39.35. Profit should be taken just below this area and it is advised to re-buy if the 39.62/72 range resistance were settled over. If the contract fails to punch higher then the 38.58 level should be used as a stop to protect long positions. If closed below the 13-day M/A support, currently at 37.30, is expected to be tested early next week.

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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.