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ICE is still trying to turn – Possible pre-weekend strength on NYMEX

Published Friday, October 10th, 2014

Not much had to be altered either in the support or the resistance columns from yesterday. This suggests that the technical picture has remained the same. There are, however, two fresh developments. The first one is that the daily slow stochastics is now positive on ICE thus indicating higher numbers. The second one is that NYMEX has held supports for the second consecutive day therefore some kind of strength cannot be excluded today.

November ICE: This contract broke above the 13-day M/A on an intra-day basis but failed to capitalise on this strength and finally settled below this level. It is presently at 55.81. This morning it is having another go at it and since its daily slow stochastics have now flipped north with a bullish divergence on it there is a good chance that it will be closed above. Such a close will provide us with a buy signal as in that case we should see a test of the 34 and 100-day contract M/As early next week. They are currently at 57.55 and 57.62.

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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.