Technical & Fundamental Oil Reports Specialists

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ICE has turned bullish and NYMEX bearish

Published Thursday, August 14th, 2014

On the day when we called both contracts increasingly range-bound the market experienced some hectic price action. ICE closed higher although not above crucial resistances. NYMEX did not live up to its gently bullish expectations and nosedived without testing its nearest resistances.

September ICE: All the daily short-term M/As were settled above including the 13-day which is at 41.20 at the time of writing. The 41.75/90 range resistance was not closed over but is below the price action this morning. This paints a bullish technical picture on this contract. A close over the aforementioned resistance is a buy but it might be an idea to start acquiring length on an intra-day dip to the 41.90/75 area. In any case, long positions should be protected on a close below the 8 (41.23) and the 13-day M/As. Profit should be taken if or when the 61.8% retracement level of the June-July downtrend at 43.21 is in sight.

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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.