Technical & Fundamental Oil Reports Specialists

Follow us

Higher on both contracts?

Published Monday, March 3rd, 2014

Any technician would tell you that fundamental developments are immediately reflected in chart analysis. We had significant events over the weekend that are pushing the prices of both contracts higher this morning. So, is it just a case of closing our eyes and buy? If it is then it is more so on the ICE rather than the NYMEX contract. This is because the Ukrainian crisis has a profound impact on European natgas.

April ICE: It is not entirely sure where the price of this contract will be by the time you read this report but at the time of writing all the daily short-term M/As have been broken above and it seems that the 34-day M/A currently at 60.51 will be tested. Those who were quick enough to liquidate short positions and even go long in the early hours of today are recommended to take profit on the test of this resistance and re-establish them on an intra-day break over it.

To read the rest of the report, please click here 

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.