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13-day M/A is key on ICE – NYMEX has turned positive

Published Wednesday, August 6th, 2014

September ICE: Once again there was no test of supports yesterday as the contract chose to settle slightly higher and follow-through buying this morning is sending the price of this contract towards its important resistance area. The 34-day and 5-day M/As at 40.21and 40.37 respectively are under pressure at the time of writing but it is the 13-day that counts. The latter is at 40.84 and those who are still short are advised to start liquidating if this level is broken over during the course of the day and go flat if closed above. It is now NOT recommended to short the contract again on a test of the 8-day M/A at around 41.30. It is rather reasonable to put some length on if closed over.

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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.