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Supports are holding on ICE – Probably higher on NYMEX

Published Tuesday, July 7th, 2015

August ICE: After the 43.60/62 range resistance area was tested on Friday the contract drifted lower yesterday. Further selling has pushed the price even lower this morning, down to the buyable 13 and 8-day M/As. They are at 42.66 and 42.57 at the time of writing. Those who decided to go long at this support area are recommended to take profit just below 43.60/62, the daily highs on June 22 and 23. These long positions then ought to be re-established on a close over 43.70/80, the 100-day contract M/A and the daily high on June 10. In other words, despite yesterday’s weakness and this morning’s fall the contract is still more on the positive side and will remain so unless the 34-day M/A is broken and closed below. It is 42.41 and present longs are advised to close out their positions if it is broken below and go flat and even short if closed below. Under the latter scenario the market will be expected to fall to the 41.56/40 range support 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.