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Possible upside correction on ICE – NYMEX turned positive

Published Friday, March 28th, 2014

May ICE: Those who have been short for whatever reason are advised to take profit and wait. Those who remained flat are recommended to remain so for the time being. The market settled above the monthly correction point support yesterday but has broken below this morning at 53.43. Once it was penetrated the contract headed straight to the nearest monthly range support at 53.00. This is the lowest print from July 2012 and is where the current price is. Of course, a close below this support is a sell for a fall down to the next monthly low from May 2012 at 51.74. On a break and close below the latter we should see a test of the 100-week M/A at 50.85. Whilst these are not unrealistic targets such a weakness might not happen just today.

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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.