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ICE is turning bullish – Watch the 8-day M/A on NYMEX

Published Monday, September 15th, 2014

October ICE: There was no test of supports on Friday but the daily short-term M/A resistances were not close above either. What a difference a weekend makes! The contract is gapping up this morning and is well above the aforementioned M/A resistances. This morning’s strength means that no short positions should be held. As a matter of fact it indicates that resistances should be under pressure therefore it might be an idea to start putting length on and go 100% long if the daily M/As are settled above. They are currently between 50.64 (13-day) and 50.05 (5-day) with the 8-day at around 50.30 in the middle.

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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.