Technical & Fundamental Oil Reports Specialists

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ICE is negative – NYMEX is range-bound

Published Wednesday, March 12th, 2014

April ICE: The 13-day M/A was settled below yesterday therefore we experienced a downside technical break-out. Targets lower have been green-lighted. The first such a target is the weak-ish 57.00 range support. This is followed by the stronger and more important support level, the daily contract low from February 26 at 55.71. This is where shorts are recommended to cover their positions completely. A close below the latter is very bearish. These shorts should cut back on their positions if the 13-day M/A at around 57.78 is settled back over and go flat if the highest of the daily short-term M/As, the 8-day at around 58.63, is closed above.

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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.