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Bearish ICE and bullish NYMEX

Published Wednesday, September 10th, 2014

October ICE: This contract turned bearish. It closed below all of the daily short-term M/As yesterday, below the 34-day M/A and also below the 38.2% correction point of the July uptrend that is at 49.54. Its daily slow stochastics is negative. This morning the contract has already tested the next support area. It is the 49.00 level, the daily low on the October contract on September 3. A prolonged break below this support should have the market fall to the 50% retracement level of the above-mentioned uptrend at 48.34 and a close below the 49.00 support will green-light the next objective on the downside, the daily low on August 27 and is at 47.50. This contract is negative and rallies to resistances and closes below supports are sells

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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.