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Watch the 13-day on ICE – NYMEX is still negative

Published Friday, August 22nd, 2014

September ICE: The 50% correction point of the July uptrend and the 34-day contract M/A halted the sell-off yesterday. They are at 40.65 and 40.63 this morning. The contract bounced off this support area and is gaining further ground this morning. However, this does not mean that the technicals have turned bullish as the daily short-term M/As are still acting as resistances. These are the 5-day at around 41.80, the 13-day around 41.87 and the 8-day at around 42.32. Additionally, the daily slow stochastics is still firmly negative. Shorts are still safe and they will remain so unless the 5 and 13-day M/As are broken and closed above. In that case it is recommended to go flat and wait and see how the price action unfolds around the 8-day M/A resistance.

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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.