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Test of resistance on ICE. NYMEX is still range-bound.

Published Monday, September 14th, 2015

Look at the price changes on Friday and you’ll realize that no action was required as neither resistances nor supports were troubled on either contracts. It is, therefore, still recommended to be running the long positions on ICE that were acquired last Tuesday whilst it is recommended to wait for some kind of break-out on the NYEMX contract before committing ourselves in either direction.

October ICE: Whist it still makes technical sense to keep long positions that had been bought on the dip during the first half of last week there is a real possibility that profit can be taken on them today. The day’s high has been 41.80 so far and the 100-day continuation M/A is currently at 42.06. On one more little push to the upside it is recommended to go flat only to re-instate those long positions if 42.06 is settled over. These fresh longs then should try and run their positions up to 43.11, the 61.8% retracement level of the July-August downtrend and to 43.30, the gap on the October chart on July 31. Should the contract reverse this morning’s direction and start coming lower long positions are to be protected on a break below the 13-day M/A at around 41.22.

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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.