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ICE has hit downside target. NYMEX is faltering.

Published Wednesday, October 14th, 2015

November ICE: After closing below all of its daily M/As on Friday this contract did not quite get down to its nearest downside objective yesterday. On the other hand, resistances were not bothered either so shorts went home short. Hopefully, they left in overnight profit-taking orders as this morning the market quickly filled the continuation gap at 40.45 left on the daily chart after the expiry of the October contract at the end of last month. Shorts are flat and a little bit richer and they are now looking to re-establish their positions. They will likely do it in one of two cases. A rally up to the daily short-term M/As seems to be a sell as the contract is considered to be in a downtrend. They are between 41.32 and 41.52 currently.

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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.