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Watch the short-term M/As on both contracts

Published Thursday, October 2nd, 2014

November ICE: The morning rally petered out just below the 13-day M/A and the contract is correcting to the downside. Since the 13-day M/A resistance currently around 57.10 was not closed over and is still acting as a resistance the market has not turned bullish. On the downside the 8 and 5-day M/As are still holding therefore the contract has not turned bearish either. The former is currently at 56.33 and the latter is at 56.18.  From the above description it becomes clear that the technical picture is neutral and under these circumstances it is best to be flat. Of course, a close over the 13-day M/A is buy as in that case a rally to the 100-day M/A at around 57.95 and possibly to the 34-day contract M/A at around 58.35 should take place. Equally, a close below the 5-day M/A is a sell and on such a move Monday’s low of 54.75 should be tested shortly.

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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.