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Downside (ICE) and upside (NYMEX) breakout is possible

Published Wednesday, March 5th, 2014

Both contracts were technically neutral yesterday and this did not change by the close. This morning the picture is very different as there is a real possibility of breakouts. Whilst the ICE contract is below the supports NYMEX has been moving in the opposite direction and might well turn positive by tonight.

April ICE: The sell-off that followed Monday’s huge rally did not take the price of this contract below the daily short-term M/A supports. Follow-through selling, however, is pushing the price lower and these supports have been penetrated and are above the current price level at the time of writing. The 8-day is currently at 57.40, the 13-day is at 57.78 and the 5-day is at 58.04.

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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.