Technical & Fundamental Oil Reports Specialists

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Bearish ICE – Wait-and-see on NYMEX

Published Monday, March 31st, 2014

May ICE: There was no pre-weekend short-covering as the contract drifted lower and settled firmly below the 53.00 range support. Friday’s price action provided bears with another opportunity to short the contract. This morning we are seeing even softer numbers and it looks like the next downside objective will shortly be reached. It is the monthly low from May 2012 at 51.74. By the time you read this report this support might have been tested. This is where new shorts are advised to cover and only re-sell if closed below. In that case the 100-month M/A at around 50.83 will be the next target. The latter is a rather important support today if you believe that closing prices are the most important ones from a technical perspective.

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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.