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Watch 57.00 on ICE – NYMEX should weaken further

Published Wednesday, March 19th, 2014

April ICE: Although the expected test of the bottom end of the range never took place yesterday the contract is making amends this morning. The 57.00 range support and the daily low from March 5 has been hit with a low of 56.95 before the contract rebounded to 57.20. In a way the price action from this morning makes the technical picture quite simple. A close below the 57.00 range support is negative. In that case we should see this contract fall as low as 55.71. The latter is the low on the April contract from February 26. An eventual close below this support would also mean that the market is exploring virgin territory it has not visited since August 2012.

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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.