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Targets below are still valid on both contracts

Published Tuesday, March 25th, 2014

Both contracts drifted lower yesterday but none of them went close to its nearest downside objectives. The daily short-term M/As are above the market and there are some strong range or c/p resistances that have to be settled above to take the bearish edge off the contracts. Additionally, the daily slow stochastics, albeit low, are negative. All of the above currently suggest the objectives below the current price levels will be hit sooner or later.

April ICE: I made a typo in yesterday’s report regarding the nearest support where shorts are advised to take profit. It was meant to be the 38.2% monthly correction point of the August 2009-Match 2013 uptrend at 54.02 not 54.21 but. Apologies for that. This target is still expected to be hit. A close below this level is a sell again for a further fall down to the 53.00 area. This is where the July 2012 monthly low is and it is followed by 51.74, the May 2012 monthly low.

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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.