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ICE has turned positive – NYMEX should fall further

Published Tuesday, June 23rd, 2015

The ICE contract did not quite get down to the 41.80/60 support levels as it turned at 42.00 and never looked back. Important resistances were settled over and this contract turned bullish. On the other side of the Atlantic NYMEX lost further value and the nearest support level is expected to be under further pressure today.

July ICE: The market rallied and closed above all of its daily short-term M/As that are between 42.65 and 42.84 and also over the 100-day contract M/A currently at 43.66. Yesterday’s performance was undoubtedly positive. As a matter of fact the rally was so strong that it took the price up to the next strong resistance area that was not closed above. It is between 44.00 and 44.17. The former is a range resistance and the daily high on the July contract on June 9 and the latter is the 61.8% c/p of the April-May downtrend at 44.17. The current price action is extremely close to this area and it is only recommended to go long if closed above. Should such a close occur we are likely to run up to the 100-day continuation M/A at 45.49 and to the 38.2% continuation c/p of the February-May sell-off at 46.34.

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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.