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ICE is still more on the negative side – Support held on NYMEX

Published Tuesday, October 28th, 2014

December ICE: The front-month contract closed below the 53.13 range support therefore targets below the current price level have been validated. It is the 51.50 continuation gap. This morning the contract is rallying so there is a chance that yesterday’s weakness will prove to be a bear trap. At the moment there is nothing wrong with being short but it might be an idea to start covering in case of an intra-day rally and on a sustained pop over the 8-day M/A. We are switching over to the December contract which will become the front-month on Thursday after the close. Its 8-day M/A resistance is currently at 55.92. Should it be closed above it is recommended to go completely flat. This would indicate a jump up to the 13-day M/A at around 56.35. A close over the latter will be considered bullish and as such a buy.

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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.