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ICE is turning bullish whilst NYMEX is still negative

Published Thursday, July 17th, 2014

August ICE: The 13-day M/A was broken over and the contract had a real go at the 37.70 range resistance before drifting lower and closing right on the aforementioned 13-day M/A. It is currently 36.81, exactly where the 8-day M/A is. Those who went long during yesterday’s early rally should keep their positions and actually add to that if the 37.70/75 level, the highs of Monday and yesterday, were settled over. Those who are still flat might want to start putting length on. A close over this range resistance area would mean an end to the downtrend and would also green-light the nearest upside target. This is the 38.2% correction point of the June-July sell-off on the August contract at 39.65. Long positons should only be protected on a close below 36.81. In that case the developing bullish technical picture will flip back to neutral.

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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.