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ICE is still range-bound – Watch the short-term M/As on NYMEX

Published Monday, March 17th, 2014

April ICE: The bottom end of the newly established trading range was not bothered on Friday. It is the daily low on the April contract from March 5 and is at 57.00. The top end of the range, on the other hand, was seriously tested. It was penetrated during the course of the day but not closed over. This top end is where the 34-day M/As are, currently at 58.93 (contract) and 59.17 (continuation). A close over this resistance area is a buy as in that case the 60.15 range resistance is expected to be hit shortly. The daily slow stochastics is positive and it suggests higher numbers. Despite the current state of this oscillator it would be premature to acquire length unless the aforementioned 34-day M/A resistance area were settled 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.