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It is advised to be flat on both contracts

Published Thursday, October 23rd, 2014

November ICE: We saw the test of the 8-day M/A resistance yesterday and we have seen the 13-day M/A resistance being approached this morning. Longs that decided to put some length on Monday when the crucial 53.13 range support was broken but not closed below had the opportunity to take profit. It is, therefore, recommended to be flat now and wait for developments. These developments can come in one of three forms. Either the 13-day M/A resistance at around 54.38 will be settled over and such a move would be a buy. In that case we shall expect further strength tomorrow and the eventual test of the 55.10/20 range resistance. On the downside there are two possibilities. A close below the 53.13 range support is a sell as such a weak performance is likely have the contract fill the 51.50 continuation gap. In case the 53.13 support is tested but not closed below another go at the 13-day M/A will be expected therefore such a dip is considered a buy, too.

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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.