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Bull trap on ICE – NYMEX should go higher

Published Friday, October 31st, 2014

December ICE: What a bull trap on this contract. To say that Wednesday’s rally above the daily short-term M/As was not followed through yesterday is an understatement. The contract headed back below these supports leaving longs badly bruised. These longs who were forced to liquidate by the close yesterday should hopefully feel slightly better this morning if they did not only take losses but also shorted the contract. After closing below the daily short-term M/As yesterday follow-through selling is pushing the new front-month, the December contract, lower.

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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.