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Watch the 13-day MA on ICE. NYMEX is bound by its range.

Published Tuesday, September 8th, 2015

October ICE: What we learnt yesterday was that the 100-day continuation M/A resistance at 42.16 is not the level just below which length should be acquired. The contract failed there yesterday so no buy signal was given. We have had the buy signal this morning but for a different reason. The contract has drifted lower and the 8-day M/A at around 41.26 is climbing higher therefore this support has been tested. It was recommended yesterday to buy such a dip. Those who have done it are advised to take profit on a brief break above the 42.00 level and go long again on a close over the 100-day continuation M/A. This morning’s long positions should be protected on a break and close below the 13-day M/A at around 40.78. Should it be settled firmly below going short is the way forward as on such a move the 39.50/40 range support is expected to be in sight shortly.

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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.