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Probably higher on ICE. Watch the M/A resistances on NYMEX.

Published Tuesday, June 9th, 2015

Both contracts are tricky. ICE hit its profit-take resistance level and climbed even higher but not high enough to go long again. NYMEX also strengthened but did not manage to jump up to the next resistance where selling short again was recommended in yesterday’s report. It is therefore logical to be a little bit patient on the latter contract before taking further action.

July ICE: The profit-take level on this contract was the 43.31 range resistance, the daily high on May 13. It was broken and closed above but the market settled 1 point below the next resistance, the 100-day contract M/A, above which going long again was recommended. This morning, however, the contract is strengthening further providing us with a dilemma whether to buy or not to buy. A healthy compromise is to start buying whilst the price action is firmly above the 100-day M/A that is presently at 43.55 and go completely long if closed above. Should this resistance be below tonight’s close the next strong resistance is the 100-day continuation M/A at around 45.76.

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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.