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ICE is turning bearish – Possible correction on NYMEX

Published Monday, October 27th, 2014

November ICE: The bottom end of the range was seriously tested on Friday but it was not closed below. This support is the low on the November contract on July 10 at 53.13. This is the level that needs to be settled below in order to expect lower prices. Although it held on Friday it is being broken below this morning but once again, we need to see a close below 53.13 for sentiment to turn bearish. Those who are very keen on selling short might start doing so if last week’s low at 52.72 were penetrated during the course of the day and go fully short if the 53.13 support is closed below. Such a move will green-light the next downside objective which is the continuation gap formed on September 30 at 51.50.

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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.