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ICE is trying to turn – NYMEX is still in support testing mood

Published Thursday, October 9th, 2014

Both contracts maintained their mildly bearish flavour at the close last night. This morning, however, ICE Natgas is doing its very best to break above all of its daily short-term M/As. NYMEX is a different cup of tea as it is still putting its nearest support level under pressure.

November ICE: Despite the contract closing higher yesterday bears were probably not concerned as only the 5-day M/A, currently at 55.14 was settled above but the 8 and 13-day M/As were not. As it turns out 12 hours can make a big difference. The 8-day at around 55.59 has been broken above and the 13-day at around 55.87 is being tested. If, and it is a big if, the latter is closed over tonight the sentiment will change, shorts, if there are any left, will run for the exit and bulls will also make their voices heard. In that case the 34 and 100-day contract M/As should be shortly in sight. Both of them are 57.67 at the time of writing.

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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.