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ICE seems exhausted – NYMEX is still more positive

Published Tuesday, August 12th, 2014

September ICE: It would be tempting to still paint a relatively bullish technical picture after last week’s positive price movement but yesterday’s performance would not justify this. The initial strength ran out of steam and not only was the 41.90/75 range resistance closed back below but the 13-day M/A, too. The latter is currently at 41.43. It was advised yesterday to start buying as the 41.75/90 level was below the market and to go fully long if closed over. It was not the case and given that the 13-day M/A was also settled below, it is now reasonable to be flat. A close back over the range resistance is still deemed to be a buy and in that case the upside objective that was put on hold will be re-instated. It is the 61.8% correction point of the June-July downtrend at 43.21. Those who are looking to sell short will only do so if the last ditch of support, the 8-day M/A, were settled below. It is being put under pressure at the time of writing and is currently at 40.72.

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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.