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ICE failed at resistances – NYMEX is now more negative

Published Friday, September 12th, 2014

October ICE: A failed attempt to break higher provided bears with a good opportunity to get back in the market. The short and medium-term M/As were tested, briefly penetrated before the market settled below these resistances. For the sake of good order these levels are as follows: the 5-day is currently at 49.88, the 34-day is at 49.94, the 100-day is at 50.16, the 8-day is at 50.17 and the 13-day is at 50.40. It is the latter that should be used to protect fresh short positions. On a close over it the downtrend would be firmly over and the 52.50 range resistance, the daily high on September 9 will be expected to be in sight sometime next week. Whether the expression “good opportunity” used at the beginning of the report is justified will be answered if the recent low and range support at 49.00/48.94 is tested today.

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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.