Technical & Fundamental Oil Reports Specialists

Follow us

Possible test of resistance on ICE. NYMEX is still neutral.

Published Wednesday, September 9th, 2015

October ICE: Those who decided to put some length on in the early hours of yesterday on the test of the 8-day M/A support were pleased to see that the 13-day M/A support was not bothered over the course of the day. Their positions are still likely to be opened today and they are still watching the 13-day M/A under which they would protect their positions. This support is presently at 40.87 and on a close below this level not only going flat but going short is advised. A settlement below the 13-day M/A support should mean a renewed test of the 39.50/40 range support area, the daily lows on the October contract on August 24 & 25. In case of further strength longs are advised to take profit around 42.00 and go fully long on a close over the 100-day continuation M/A which is at 42.12. It would be called a positive performance and would likely mean further buying that could push the price up to the 43.30 gap on the October contract on August 3.

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.