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Shorts should have covered on both contracts – Possible correction today

Published Friday, March 21st, 2014

April ICE: If yesterday’s weakness was not considered strong enough to push the price down to the next downside target then fresh selling this morning provided bears with a good opportunity to cover their positions. The objective in question is the 55.71 range support, the daily low from February 26 and the lowest ever print on the April contract. This is not an area to go short around. Instead, bears hopefully took profit and now they are waiting for developments. Of course, a close below this support is a sell for a further dump to the weekly low from July 2012 at 53.00.

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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.