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Range-bound ICE – Gently bullish NYMEX

Published Tuesday, March 11th, 2014

April ICE: The contract ran up to the 34-day M/As, briefly broke over the contract one but late selling pushed the price below this resistance and also below the 5 and 8-day M/A supports. In other words, we witnessed another failure at the resistance with the 13-day M/A support not troubled. The contract is still stuck in its current range. Bulls will gain control on an affirmative close above the 34-day M/As. They are currently at 59.55 and 59.95. Should this area be settled above the market is expected to strengthen and eventually test the 61.89/62.10 range resistance area. These are the daily highs on the March contract from February 7 and March 3. Bears have currently nothing to do.

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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.