Technical & Fundamental Oil Reports Specialists

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ICE has tested supports. NYMEX is bearish.

Published Friday, October 23rd, 2015

At the moment it is hard to find anything bullish about the contracts. The most bullish one can be on ICE is flat as it hit its nearest support and downside target this morning. NYMEX, after trying to close below strong support levels on Wednesday, lost further value yesterday and has a valid objective some way below the current price action.

November ICE: the contract did not quite get down to its target yesterday where shorts were recommended to cover their positons but being patient has paid off. It was advised to take profit on short positions when the continuation low on September 22 at 39.46 is in sight. The low this morning has been 39.45 so bears have been presented with an opportunity to put some money in the bank. The technical picture is simple and straightforward.

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Posted by Stephen Brennock

Stephen Brennock joined PVM in 2013 after having worked as a project manager for a business development firm. He graduated with a degree in Business Management in 2007.