Technical & Fundamental Oil Reports Specialists

Follow us

Be flat on ICE. NYMEX is bearish.

Published Monday, June 1st, 2015

We painted a negative picture on the ICE contract a little over a week ago and an undecided one on NYMEX. ICE somewhat fulfilled its bearish expectations as it tested and closed below supports only to rally and close over resistances on Thursday. It is advised to be flat on this contract. The undecided NYMEX contract turned bearish last Tuesday and has not looked back ever since. This trend is expected to continue.

July ICE: The support where shorts were recommended to take profit was the 41.30 range on the expired June contract. The July equivalent of this is 41.80 that was tested and closed below on May 20 but the selling that followed through did not push the price down to the next profit-take level of 41.00, the daily contract low on January 20. Fresh shorts were forced to cut losses last Thursday when the 5 and 8-day M/As were closed above. They are currently at 41.69/63. The 13-day presently at 41.85, however, was not settled over on Thursday and Friday. Should it be closed above tonight it would be a buy for a rally up to the 34-day at 42.62.

to read the rest of the report, please click here

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.