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Test of supports on both contracts is likely

Published Tuesday, March 18th, 2014

April ICE: Yesterday saw another test of the 34-day M/A resistances which ended up in another failure to close above this area. For the record, this contract M/A is currently at 58.79 and on the continuation chart it is at 59.00. This is the upper end of the present trading range. Should this area be settled over a run up to the 60.15 range resistance and the daily contract high from March 7 will be expected. At the moment such a move seems a tall order as the contract eased off quite significantly yesterday after buying dried up at the aforementioned resistance area. It settled below all of its short-term M/As that are between 58.33 and 58.41 at the time of writing.

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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.