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Watch the 13-day MAs on both contracts

Published Friday, August 1st, 2014

Please note that the headline from yesterday has not changed. This is because the 13-day M/As were tested on both contracts yesterday but they were not closed below/above. The trend, therefore is still up on ICE and down on NYMEX but we should see a conclusive rally/sell-off today otherwise these prevailing trend will be in danger.

September ICE: The 13-day M/A is currently at 40.84. The contract looks ok whilst this is the case. Longs are recommended to cut losses if closed below. In that case the trend will turn and lower numbers will be expected early next week. On the upside a close over the 8-day M/A would be comforting for longs. This resistance is at 41.73. It would mean that the uptrend is still intact and the test of the 43.21 correction point resistance will happen sometimes next week. On a weekly basis the 13-week M/A is at 40.99.

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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.