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Test of supports on ICE. Be flat on NYMEX.

Published Tuesday, November 17th, 2015

It was an interesting day yesterday as both contracts gained ground but none of them are bullish. This is because ICE did not settle over resistances therefore running short positions is still reasonable. NYMEX looked encouraging in the morning, longs had the opportunity to take profit on part of their positions but the momentum was not maintained. Whilst the settlement was still above supports the weakness this morning is forcing bulls to take measures and go flat.

December ICE: We saw a test of the resistance area but buying quickly dried up when 37.75/92 was in sight. It is where the 8-day M/A was yesterday and where the continuation lows of August 24 & 25 are. Since this area was not settled above shorts are still probably short. Of course, on a close above this level it is not recommended to keep short positions and going long is only advised if or when the 13-day M/A at around 38.10 is settled over.

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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.