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Bearish ICE. NYMEX is at massive support.

Published Friday, October 2nd, 2015

The contracts fulfilled their bearish expectations, NYMEX more so than ICE. They drifted lower yesterday. ICE did not get near to its downside objective therefore this target is still very much valid. NYMEX, on the other hand, tested and broke below support only to test, break and close below its next range support and is having a serious go at its crucial range support level at the time of writing. A close below this should have serious bearish technical implications.

November ICE: Shorts are more relaxed than disappointed. The November contract has started to play the role of the expired October one in that it has been drifting lower ever since it became the front-month. If this is really the case then rather sooner than later the continuation gap will be filled. It is at 40.45 and this is where bears ought to put money in the bank. If it is closed below the 50% continuation retracement level of the August-September uptrend will be assaulted 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.