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ICE downside target is put on hold – NYMEX is negative

Published Thursday, February 27th, 2014

April ICE: Although this contract settled lower on the day there was no further test of supports yesterday. This morning the price is up therefore the medium-term downside objective is on hold. This is the monthly c/p at 54.02. Those who are running reduced short positions have nothing to worry about, at least for the time being. Upside corrections like the one we are witnessing this morning are natural in a down-trending market. These shorts should keep a close eye on the 8-day M/A resistance at around 57.43 and on the 57.70/75 range resistance area.

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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.