Technical & Fundamental Oil Reports Specialists

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ICE might be in a bear trap – NYMEX turned negative

Published Thursday, March 13th, 2014

April ICE: There was no test of supports yesterday as this contract rallied a little and closed back over the 13-day M/A at 57.96. Short positions should have been scaled back. This morning the 5 and 8-day M/As are being put under pressure. These are currently at 58.39 and 58.28. If they were settled above no short positions should be held. In that case the contract would flip neutral and a test of the 34-day M/A at around 59.16 will be expected. A close above the latter is bullish and the market should run up to the 60.15 range resistance, the high on the April contract from March 7. Should the 13-day M/A be settled back below short positions are recommended to be re-established.

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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.