Technical & Fundamental Oil Reports Specialists

Follow us

ICE is still bearish – NYMEX is trying to turn

Published Tuesday, August 5th, 2014

September ICE: The contract settled lower but did not get anywhere near its downside target. This objective is the 38.60/38.40 level. The former is the 34-day continuation M/A and the latter is the daily low on the September contract on July 23. In case of further weakness short are recommended to cover just above this support and re-sell on a close below the lower of them. Should this scenario take place the next support where the market is expected to be heading to is the 36.50/30 area, two consecutive daily lows on July 7 and 8. This is the downside to be dealt with. As far as protecting short positions is concerned it is the 13-day M/A at around 40.82 that matters. On a close over it shorts are recommended to protect their positions but only to go short again if the 8-day M/A resistance at around 41.57 were in sight.

to read the rest of the report, please click here 

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.