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Watch 53.13 on ICE – NYMEX is negative

Published Friday, October 24th, 2014

November ICE: We had a demonstration of the power of the daily short-term M/As as the contract failed to break over the highest of them, the 13-day. It is this failure that has led us to further weakness this morning and now the market is testing its strong support, the 53.13 range. A break below this level should push the price down to the week’s lowest print at 52.72. It might be an idea to start selling short on an intra-day break below the latter and go completely short if the 53.13 range support were settled below. On such a move the next downside objective will be green-lighted. This is the gap left on the continuation daily chart at last expiry and is at 51.50. On the other hand, if 53.13 holds by the close the test of the 13-day M/A, currently at 54.25 will be expected early next week.

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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.