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No targets on ICE – NYMEX is mildly bearish

Published Wednesday, July 16th, 2014

August ICE: The 5 and 8-day M/As were both tested but the contract bounced from there. The 13-day M/A was not closed above. After Monday’s test of the latter there was an opportunity to take profit on part of short positions at the 5 and 8-day M/A supports and it was recommended to go completely flat if they were not settled below, which turned out to be the case. Today focus should be on the daily short-term M/As. A close below the lowest of them, the 8-day at around 36.22 is a sell for a fall down to the range support area of 35.25/10. A close over the highest of them, the 13-day at around 36.98 is a buy and an eventual close above Monday’s high of 37.70 is also a buy.

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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.