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Pressure on supports but only closes below them are sells

Published Thursday, December 10th, 2015

Apologies if today’s report is uncharacteristically short but the technical state of the contracts has not changed since yesterday. Rallies to the 8-day M/As are sells unless they are closed above. Settlements below supports are also sell. These supports are being put under renewed pressure this morning.

 

January ICE: The 8-day M/A is at 37.80. Go short if tested but not closed above. Take profit when the 37.01/36.95 area is approached. Sell short if the continuation double bottom at 36.46 is closed below. It is being tested this morning. In that case take profit when the weekly low of 35.10 is in sight and re-instate your short positions if settled below. If 36.46 is broken below on a sustained basis it might be an idea to start short-selling during the day. Watch the price action around 36.46 today.

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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.