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Downside break-out on ICE – Test of support on NYMEX

Published Thursday, March 20th, 2014

April ICE: The range support at 57.00 was closed below. The contract broke out of its range to the downside. This means that lower numbers are the order of the day. Those with short positions on are recommended to cover on a test of the 55.71 range support. This is the lowest ever print on the April contract. It also means that an eventual close below this support will be very bearish and short positions should be re-established. If 55.71 were settled below there a few weak-ish supports at 55.15 and 53.85 but it would not be unrealistic to expect a further fall as low as 53.00, the weekly continuation low from July 2012.

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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.