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Both contracts are neutral

Published Tuesday, March 4th, 2014

April ICE: After closing 10% higher yesterday the contract is down some 5% this morning. It is erratic to say the least. It closed above both of the 34-day M/As with the contract currently at 60.41 and the continuation at 61.09. The price is back below both of them at the time of writing. Because of this morning’s negative developments it is not recommended to be long. Long positions should only be re-established if the 60.41 resistance is settled back over. On such a move we should see further strength up to the 61.09 resistance and then up to yesterday’s high at 62.10.  It does not seem a good idea to sell short either as all of the daily short-term M/As are acting as supports. The 5-day is at 57.98, the 13-day is at 57.90 and the 8-day is at 57.61.

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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.