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Lower on ICE but NYMEX is now range-bound.

Published Monday, June 29th, 2015

The ICE contract did live up to its bearish expectations on Friday and is likely to continue so today. NYMEX, on the other hand, had two days of losing values early last week followed by a mini-rally on Wednesday and Thursday only to give back part of these gains on Friday. Because of the more than confusing price movements this contract is now range-bound and there are no targets either way unless the range is broken out of.

August ICE: A sell signal was given last Thursday and the nearest downside objective was validated. This target is the daily low on the August contract on June 18 and is at 41.56. It has not been quite tested today yet as the low of the day has been 41.75 so far but this support is expected to be approached later on today. Shorts are advised to cover their positions there and re-sell on a close below the 41.40/34 range support area.

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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.

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