Technical & Fundamental Oil Reports Specialists

Follow us

ICE hit resistance – NYMEX is still bearish

Published Friday, July 10th, 2015

ICE is still more on the positive side but one upside push is needed to get a buy signal. Despite some price strength NYMEX is still expected to come lower as no significant resistances were settled above. Below we take a brief look at the daily technicals then, being Friday, concentrate on the weekly indicators.

 

August ICE: The 43.80 range resistance was not closed above. Should it be below tonight’s settlement level going long is advised as in that case the next target, the 46.08 range resistance, will be green-lighted. Looking at the weekly chart the good news for the bulls is that all the weekly short-term M/As are currently acting as supports. They are between 42.82 and 42.50. The weekly uptrend would be confirmed by a close over the 43.95/44.00 area. These are the weekly highs from two and four weeks ago. On such a move the 34-week M/A that is currently at 46.94 will become the nearest weekly upside objective. Both the daily and weekly technicals are looking constructive. All we need to see is one more little push to the upside to turn unreservedly bullish.

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.