Technical & Fundamental Oil Reports Specialists

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ICE has turned bullish and NYMEX is bearish again

Published Friday, August 15th, 2014

Below we shall provide a brief description of the daily technical status of both contracts and then we shall spend more time on discussing weekly technicals as today is Friday and they seem to be rather important and they might have longer-term implications.

September ICE: The 43.21 correction point resistance was tested but not closed above. Longs had the chance to take profit. Should it be settled over tonight the next upside objective will be green-lighted. It is the 45.00 range resistance followed by the 100-day M/A at 45.58 and the gap at 45.60. This contract has been in a downtrend since the beginning of December last year when it peaked at 73.90. Fast-forward 7 month and you see the price bottoming out at 35.10 when some kind of upward move starts. Last Friday all the weekly short-term M/As were closed below. The highest of them was the 13-week currently at 40.53 that was closed over the first time since December 2013

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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.