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Nearly there

Published Thursday, July 24th, 2014

Targets were established in yesterday’s report and whilst both contracts moved in the right direction these objectives have not been hit. It is quite likely that today will see the test of these levels after which it will be recommended to be flat on both contracts.

August ICE: The target in question is the 34-day continuation M/A that was at 38.65 yesterday and is at 38.60 today. It is being tested at the time of writing. The contract is printing 38.47, close enough for longs to take profit and go flat. A close above this resistance is a buy for a further rally up to the 34-day contract M/A at 39.35 and to the strong range resistance at 39.62/72. An eventual close above the latter would be very bullish. On the downside an intra-day drop to the 13-day M/A support is not a buy anymore. However, if this support which is currently at 37.03 is tested over the course of the day and holds by the close it will make sense to re-establish long positions.

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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.