Technical & Fundamental Oil Reports Specialists

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ICE is trying to break higher. NYMEX is range-bound.

Published Monday, September 7th, 2015

The neutral technical view proved to be justified on ICE whilst the bullish projection on NYMEX was misplaced as this contract weakened on Friday and closed below the nearest support area. ICE is trying to break higher this morning. Its intention is not conclusive yet but it could well give a buy signal tonight. On the other side of the Atlantic based on Friday’s performance we shall start calling the contract range-bound.

October ICE: Neither the 38.2% correction point at 41.69 nor the 34-day contract M/A currently at 41.84 were closed over on Friday. This morning, however, both of them have been penetrated and the market has headed towards the 100-day continuation M/A at around 42.20 where buying has dried up. Based on Friday’s and this morning’s price action going long is only logical if the latter resistance is settled over. In that case the 100-day contract M/A at around 43.69 should be targeted.

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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.