Technical & Fundamental Oil Reports Specialists

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ICE is bullish whilst NYMEX is the opposite

Published Thursday, September 4th, 2014

There has been decent volatility on both contracts since the last report was published. A thorough glance at the daily charts reveals that the ICE bulls had to have strong nerves to play the market from the long side. The NYMEX contract seemingly completed its bull cycle and now further test of supports are expected as far as technicals are concerned.

October ICE: The contract closed above the daily short-term M/As on August 28 giving us a buy signal. This strength was duly followed through the following two days and recent daily highs and strong range resistance level at 53.07/10 were tested and provided longs with an opportunity to take profit. This test triggered some fierce profit-taking on Tuesday which continued yesterday and the market looked awful at times. However, it managed to crawl its way back and settled over all the daily short-term M/As. Yesterday’s performance was probably too big a temptation for bulls not to go long again. If they did then they are looking for a rally up to the aforementioned 53.07/10 area where they would like to go flat.

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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.