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Patience

Published Tuesday, August 19th, 2014

After hitting their respective targets both contracts retreated yesterday. The underlying sentiment has not changed; all we saw yesterday was a correction. Currently the original trends, up on ICE and down on NYMEX, are expected to resume. Dips on ICE are a buy and rallies on NYMEX are a sell.

September ICE: The 43.21 correction point was closed below yesterday after the 45.00 range resistance had been hit on Friday. The weakness is considered to be a downward correction and this will remain the case unless the contract falls significantly lower. Given that the aforementioned c/p support was closed below the market could easily be heading towards the 8-day M/A support that is around 42.39. A dip back there is a buy but longs are recommended to take losses if the 13-day M/A at around 41.64 were settled below.

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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.