Technical & Fundamental Oil Reports Specialists

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Maybe higher on ICE and lower on NYMEX

Published Monday, September 22nd, 2014

October ICE:  A fierce sell-off was followed by a rally on Friday and the contract managed to close over all of its daily short-term M/As. This morning the 5-day is at 51.36, the 8-day is at 50.96 and the 13-day is at 50.69. A close below the lower of them would send the price down to the 100-day contract M/A that is currently 49.88 with the potential to go down to the 49.00/48.94 range support area. A close below this level would be considered very bearish. This, however, might not happen in the near future. Given that the contract finished the day on a relatively strong note the test of resistances might be on the cards. The nearest one is the 52.40/50 range resistance area. The former is last week’s high on the October contract and the latter is the high on September 4.

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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.