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

Published Friday, September 11th, 2015

Holders of long positions on ICE did not have the opportunity to take profit as no test of resistance took place. It might happen today as supports were not tested yesterday and the daily slow stochastics are turning positive. Holders of long positions on NYMEX, on the other hand, were more than happy to put some money in the bank when the contract rallied in the afternoon and briefly broke over the 2.722 range resistance only to get sold off towards the close.

October ICE: Those who bought into the dip to the 8-day M/A support on Tuesday have not had the chance to take profit and have not been forced to cut losses. It means that the test of the 100-day continuation M/A at around 42.06 has not taken place and the 13-day M/A support currently at 41.10 has not been broken and closed below. The contract is getting range-bound but the two extremities are close to each other so some kind of break-out is expected today or on Monday latest.

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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.