Technical & Fundamental Oil Reports Specialists

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ICE has turned positive whilst NYMEX is uncertain.

Published Wednesday, November 25th, 2015

The ICE contract registered decent gains on the day, closed above all of its daily short-term M/As and over its range resistance. It has given a buy signal and targets above the current price action have been validated. NYMEX, on the other hand, lost some value on the day but has failed to close below supports as a late rally helped the contract recover from the day’s low. Looking at the daily chart there is nothing to do on this contract and judging by the positions of crucial supports and resistances it will probably be the case tomorrow morning, too.

January ICE: All of the daily short-term M/As were settled over last night. Additionally, the continuation range support area at 37.75/90 was also below last night’s close. It appears that a genuine and valid buy signal has been given. Of course, there is always a danger of a bull trap but as things stand right now there is nothing wrong with being long. Yesterday’s price strength had the aforementioned short-term M/As move very close to each other.

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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.