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Watch the 13-day M/A on ICE and the 8-day M/A on NYMEX

Published Tuesday, December 1st, 2015

The markets went higher yesterday. The ICE contract was bullish and NYMEX bearish. The performances meant that this morning ICE bulls are running a reduced long position and they are somewhat richer than 24 hours ago whilst NYMEX bears are shorter than yesterday but somewhat poorer.

January ICE: This contract rallied up to 39.04. It was recommended to start taking profit on long positions on a test of the 39.07 range resistance. This is the high on the January contract on November 17. It was also said that going flat will make sense when the 34-day contract M/A is in sight. This advice is still valid. A rally up to this resistance which is at 39.28 this morning means that longs will have fully liquidated and re-established their positions if closed above. The downside strategy has not changed. The latter half of long positions ought to be closed out if the lowest of the daily short-term M/As, the 13-day at around 37.95 is closed below.

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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.