Technical & Fundamental Oil Reports Specialists

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Watch the 13-day on NYMEX. ICE is still more negative.

Published Friday, November 6th, 2015

The contracts went in different directions, yet both of them gave sell signals. ICE closed below supports and NYMEX rallied up to resistances but did not settle over them.

December ICE: It was advised in yesterday’s report to sell short in this contract in case the 38.86 range support is settled below. For the record it is the continuation low last week. After having been tested and broken below several times this week this support was finally closed below. We are experiencing a slight system failure this morning as the price is picking up as opposed to weakening further. There is, however, no reason to panic. Fresh shorts should only start getting concerned on a sustained break and close over the 8 and 13-day M/As at 39.31 and 39.72 respectively. Gradual protection of short positions is advised when these resistances are assaulted and a close above the higher of them would mean that the contract is turning bullish.

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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.