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No targets on ICE – NYMEX has turned positive

Published Thursday, July 16th, 2015

August ICE: The daily change tells the story on this contract. It was only one point and therefore we did not spot any change as far as technicals are concerned. There are no targets either way. Last Friday the contract looked encouraging as it settled above the 43.85 resistance but was unable to close over the weekly high of 44.00. This is the resistance that has to firmly be closed above in order to be certain of higher numbers. On such a move quick profit is to be taken on part of any long positions just below the 100-day M/A at around 44.45 and re-established if closed above. Under this scenario the ultimate upside target will be green-lighted, the daily high on the August contract on April 2 at 46.08. On the downside selling short is advised if the 13-day M/A at around 43.16 is settled below. It is relatively close to the 34-day at 42.74 so selling half of the whole positions would make sense only to go fully short if the latter is also settled below. In this case the 41.56.40 range support area will become the next downside target.

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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.