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ICE reached its next support – NYMEX is holding it

Published Friday, July 4th, 2014

August ICE: After the 38.55 range support was closed below the next downside target was green-lighted. This is the 200-month M/A at 36.44. It was said that whilst this target will eventually be tested it will take time to get down there. This view proved to be wrong. The low this morning has been 36.60, close enough to this long-term M/A support for shorts to take profit. The technical picture is simple. A close below 36.44 is a sell for further weakness down to 33.45, a range support. A rally to the 8-day M/A is also a sell. It is currently at 39.10. Should we see an upside correction there those shorts are recommended to take profit at the 200-month M/A or cut losses on a close over the 13-day M/A at around 40.15. The relentless fall does not seem to stop. The contract is negative.

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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.