Technical & Fundamental Oil Reports Specialists

Follow us

ICE should go higher – NYMEX is trying to turn bullish

Published Monday, July 13th, 2015

August ICE: As far as daily technicals are concerned Friday’s performance was positive as the 43.80 range resistance was settled over. On the other hand, we established that on a weekly basis we need to see a close over the 43.95/44.00 range resistance area, the weekly highs in the middle and at the end of June in order to be confident of higher numbers in the coming days. Well, the contract settled right between the two and it is a touch above the higher of them this morning. On balance, there is probably nothing wrong with being long but these longs should be prepared to cut losses in case the contract is turning south today. Half of any long positions should be liquidated on a sustained break below the 5-day M/A support which is currently at 43.51 and it is advised to go flat if closed below. In case the 44.00 level is closed above today the next upside objective will firmly be validated. It is the 46.08 range resistance, the high on the August contract on April 2. This is where it is advised to take profit but some of the long positions should be closed out when the 100-day continuation M/A at around 44.64 is in sight only to re-instate them if or when closed over. If anything, the contract is bullish. It will remain so unless the 5-day M/A support is closed above but the bulls’ confidence will grow markedly on a close above the 44.00 range resistance.

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.