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ICE closed below supports – NYMEX tested them

Published Thursday, July 3rd, 2014

August ICE: There was no upside retracement on this contract yesterday as the price drifted lower. The close was below the 38.55 range support and also below Tuesday’s low of 38.47. Yesterday’s settlement was a sell. The price action green-lighted the next and very long-term downside target. This is the 200-month M/A at 36.44. It is some way below the current price action and will not be reached today unless all hell breaks loose. This target will remain valid unless the 38.55 level is closed back over. In that case it is recommended to get rid of short positions and look for levels above the market to re-establish them. The most obvious one will be the 8-day M/A again.

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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.