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Possibly lower on ICE and higher on NYMEX

Published Wednesday, August 12th, 2015

Yesterday saw a test of resistances on ICE contract and supports on NYMEX. Both proved too difficult to penetrate therefore there is no change in the technical picture on either of them. It is still recommended to be flat or maybe short on ICE whilst its trans-Atlantic cousin is expected to get stronger and test resistances.

 

September ICE: It was advised in yesterday’s report to short the contract when the 41.29/30 range resistance area, the recent continuation lows, is in sight. The high was 41.20, maybe not close enough to have sold short. However, those who managed to put on some short positions are still advised to take profit when the 40.45 range and the 40.35 monthly correction point supports are approached. Those who could not sell yesterday are recommended to stay flat. It is, however, still logical to short this contract if the 40.45/35 support area is settled below and in that case the test of the 200-month M/A at 38.79 will be expected. Whatever happens, no short positions are to be held on a close above the 41.29/30 resistance level and going long is only advised if the 13-day M/A at around 41.53 is settled above. As for today, expect supports to come under pressure, a close below which is considered quite bearish.

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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.