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Test of resistance on ICE and support on NYMEX

Published Wednesday, October 22nd, 2014

November ICE: The gap left on the November chart on Monday at 53.93 was just missed as yesterday’s high was 53.92. On the other hand, the crucial 53.13 support was not bothered let alone closed below, however the daily short-term M/As are still above the price action. All this leaves us with a neutral technical picture. Despite the current status of the contract yesterday’s view is still maintained. This view is that given that the 53.13 support has held for the second consecutive day the odds are on test of resistances rather than supports. So, those who are long are recommended to remain long and look for the 8 and possibly the 13-day M/A resistances to be under pressure. They are at 54.00 and 54.40.

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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.