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Downside target has been hit on ICE – NYMEX is negative again

Published Tuesday, April 1st, 2014

May ICE: The next downside target was tested, broken and closed below yesterday. This is the monthly low from May 2012 and is at 51.74. It was recommended in yesterday’s report that shorts should take profit there and only re-sell if closed below. This view has to be re-visited for one very simple reason. This is that after falling below the 51.74 support the contract headed straight to the next level, the 100-month M/A that was 50.83 yesterday and is 50.53 today. It was put under pressure but not closed below. Since this important monthly support was tested but held on the last day of the month shorts should be careful. It is not to say that the downtrend is over, it is only to point out that we might see some kind of upside retracement.

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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.