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Watch the 34-day M/A on ICE. NYMEX is neutral-to-bearish.

Published Thursday, June 25th, 2015

August ICE: The contract dipped to its buyable 13-day M/A support and managed to close above it. Yesterday’s settlement suggested that the price would strengthen gradually and the test of the 43.60/62 range resistance would eventually take place. It could still be the case but the fact of the matter is that the contract is weakening this morning and has broken below all of the short-term M/As and also below the 34-day M/A. The latter is currently at 42.45 with the print at 42.40 at the time of writing. This is the most important support on board today and given that the price is below that it might be an idea to scale back on long positions. It is then recommended to go flat on an intra-day break below the 41.99/96 range support or on a close below the 34day M/A.

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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.