Technical & Fundamental Oil Reports Specialists

Follow us

Lower on ICE. NYMEX hit support.

Published Friday, October 30th, 2015

We saw a test of resistance on ICE. The contract faltered up there and shorts remained short. We saw a test of supports on NYMEX. The contract failed to settle below that therefore shorts covered but did not re-sell and they are currently flat. Below we take stock of not only daily technicals but being Friday and the last day of the month, weeklies and monthlies as well.

December ICE: Since the 8-day M/A resistance which is currently at 40.24 was tested but not broken, let alone closed above it is still recommended to run short positions. Of course, a close over this resistance will make bears concerned and they are likely to go flat in the hope that they can re-sell when the 13-day M/A at around 40.67 is tested but not closed above. If the contract weakens the advice from yesterday remains the same: part of any short positions should be covered when 39.46/45 is tested and going flat will make sense when 38.86 is in sight. A close below the latter is a sell as in that case 37.90/75 will be validated as the next downside objective. The lowest short-term weekly M/A is the 13-week at 40.57.

to read the rest of the report, please click here

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.