PVM Midday Report 13 June 2016
Headlines
OPEC hints at tighter oil balance in 2H 2016; output down 100,000 bpd in May
Chinese implied oil demand falls by 380,000 bpd in May y/y to 10.24 mbpd
Iran’s biggest oil…
November ICE: The contract did not get anywhere close to its nearest crucial supports area, instead it staged a rather impressive recovery from the day’s low. This rally, however, has not changed the underlying sentiment. This is because, although the 55.75 range resistance was closed a few points above, the contract has broken below it again this morning. Additionally, the nearest M/A resistance, the 5-day currently at 56.17 is still above the price action. This means that the downside objective is still intact – the daily low on the November contract on July 10 and is at 53.13. It will remain valid unless the aforementioned 5-day M/A resistance is settled over. The odds of reaching this target in coming days will significantly increase if yesterday’s low at 54.75 were broken and settled below. Shorts are recommended to take profit on the test of the 53.13 level and re-sell on a close below.
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