Technical & Fundamental Oil Reports Specialists

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Watch ICE 13-day. Close below supports is a sell on NYMEX.

Published Thursday, August 27th, 2015

October ICE: It does not happen very often but I am fairly uncertain about the technical state of this contract. It was advised in yesterday’s report that a close below the 8-day M/A is bearish, between the 8 and 13-day the market is neutral and going long was only advised on a close above the 13-day M/A. The former is at 40.56 this morning.  The 8-day held on the September contract that will expire today (38.81) but was closed below the October one (40.15), however it is back below the price action this morning. For those who went short in October yesterday on the close the prudent thing to do is probably to keep the short positions for the time being and only protect them on a break and close above the aforementioned 13-day M/A resistance.

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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.