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ICE is turning positive – Test of resistance on NYMEX

Published Wednesday, October 1st, 2014

November ICE: Once again, this contract did not live up to its bearish expectations as it only settled a few points down on the day and did not bother its nearest support. To make matters worse, if you are a bear that is, the contract is advancing further this morning and has broken above both the 5 and the 8-day M/As. They are currently at 56.35 and 56.48. Whilst these supports might still be closed back below it is only logical to be prudent and be flat at the moment. Should they be above tonight’s settlement level it will be attractive to short the contract again and expect a fall down to the low of Monday at 54.75. In the absence of such a move a test of the 13-day M/A resistance at around 57.37 is expected.

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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.