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No targets on either contract in either way

Published Monday, July 6th, 2015

It is that time again when there is nothing to do on either contract. ICE had an upside target on Friday and it got so close to it that longs probably and hopefully managed to bank some money. NYMEX has been range-bound for quite some time now. Due to the Independence Day holiday there was no official settlement on Friday and the contract is putting the bottom end of the aforementioned trading range under pressure this morning.

 

August ICE: The target in question is the 43.60/62 range resistance area. This is where the daily highs on June 22 and 23 were. The contract peaked at 43.50 on Friday, close enough for anyone with long positions to take profit. The price action at the end of last week also means that there are no targets at the moment on this contract. Just above the range resistance area we have the 100-day contract M/A at around 43.75 and the 43.80 range resistance, The latter is the daily high on the August contract on June 10. A close over this area is a buy for further strength up to the 100-day continuation M/A currently at 45.08. A dip to the 13 and 8-day M/A supports at 42.62/57 also seems to be a purchase but no long positions should be held if the 34-day contract M/A at around 42.40 is broken and closed below. The odds are still on higher numbers but this view needs to be confirmed by a definite close over the 43.75/80 M/A and range resistance 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.