Technical & Fundamental Oil Reports Specialists

Follow us

ICE is still more positive. NYMEX is trying to turn bearish.

Published Friday, November 27th, 2015

There was no test of resistance on ICE but the short-term M/A supports were not settled below either. It is, therefore, still reasonable to be long in this contract. NYMEX, on the other hand, slipped and is putting its crucial support under serious pressure.  A close below the support area will be a sell.

January ICE: Yesterday’s commentary should have probably been left unchanged here as it is as valid this morning as it was yesterday. Anyone who is long is still recommended to take profit on part of the positions when the range resistance and daily high on November 17 on the January contract is in sight. It is 39.07. Going flat is then advised if or when the 34-day contract M/A at 39.50 is tested. Cutting losses and going short will make sense on a sustained break and close below the lowest of the daily short-term M/As, the 13-day currently at 37.79.

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.