Technical & Fundamental Oil Reports Specialists

Follow us

ICE is breaking down – NYMEX is up

Published Monday, August 10th, 2015

The technical status of the contracts did not change on Friday as the losses were pretty much the same as the gains on Thursday. No signals were given and if anything one went home flat or may be short on ICE and firmly with a squared book on NYMEX. This morning, however, things are heating up and there is a real possibility that ICE will perform a downside break-out whilst NYMEX is doing its best to get over the important resistance area.

 

September ICE: Again, those with short positions on Friday either managed to take profit or not as the contract bottomed out at 40.55, 10-20 cents above the important range and c/p support of 40.45/35. As it turns out those who did not cover are the ones who made bigger profits as the contract is breaking below the aforementioned support this morning. By any means, it is now advised to be flat and sell short on a close below the 40.45/35 support. Such a move would greenlight the next target, the 200-month M/A support which is currently at 38.79. The contract is trying to re-establish the downtrend and it will convincingly manage to do so on an affirmative close below the 40.35/45 area.

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.