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ICE is putting supports under pressure – NYMEX should test resistances

Published Tuesday, April 29th, 2014

June ICE: The 48.40 support was closed a few points below but Friday’s low of 48.27 was settled a few points above. It was therefore a question of personnel judgement to short the contract or not at yesterday’s close. In hindsight, those who did so were brave and correct. They have been provided with the opportunity to take profit this morning. The contract is testing the 47.40 range support. This is the lowest level on the June contract ever and as such is a strong support. A close below this area seems to be an attractive sell but it would probably make technical sense to be a bit more patient. The reason to say this is that the 50% monthly correction point of the August 2009-May 2013 uptrend from 18.20 to 76.15 is at 47.18.

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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.