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ICE is bullish – NYMEX should test 3.714

Published Tuesday, July 29th, 2014

September ICE: After a brief downside correction the contract continued its march higher. In the early hours of trading it did not quite get down to the buyable 8-day M/A but later on it broke and settled over the 43.21 correction point resistance. Longs are recommended to protect their positions on a break and close back below the above-mentioned c/p level. In that case a dip to the 8-day M/A support is expected. It is currently at 41.18 and such a dip would be a buy. These longs then ought to cut losses if the 13-day at around 40.31 were closed below. Profit-taking on long positions should be just below the 45.55/60 resistance. This is the continuation high from June 16 and the gap on the September contract. In between is the 100-day continuation M/A. A break and close over this resistance is a buy for a rally up to the contract high on June 16 at 47.55.

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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.