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ICE is more negative – NYMEX bullish

Published Monday, September 29th, 2014

November ICE: There was no test of resistance on Friday on this contract as it lost nearly 2% and the November contract settled 2.4% lower on the week. The end of the week selling pushed the price down below all of the short-term daily M/As. Unless the lowest of them, the 5-day at around 56.13 is closed back above in a hurry the contract will remain more on the negative side. After the weak performance the contract is losing further value today and has opened below the 55.75 range support. Whilst it remains below this level the odds are on further weakness and on the eventual test of the low on July 10. It is at 53.13.

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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.