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Short-term (8 and 13) M/As are still acting as resistances

Published Tuesday, September 9th, 2014

After yesterday’s performance market players are facing one of two options, it would appear. They are either contemplating to short the contracts in the hope that supports will become under pressure once again or the more conservative ones are reluctant to engage themselves as they still consider both contracts to be bound by the current trading ranges. At the moment there are not targets either way on either contract.

October ICE: This trading range has been defined on the ICE contract as the 13-day M/A on the downside and the 8-day M/A on the upside in yesterday’s report. Both of them were tested yesterday and the former was even broken below. By the close the contract settled between them once again. The 13-day is at 50.37 at the time of writing, right where the 100-day contract M/A is and the 8-day is at 51.04, just a few points above yesterday’s high.

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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.