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ICE turned negative – NYMEX is more on the bullish side

Published Tuesday, April 22nd, 2014

May ICE: The contract has had a good run-up higher since the last report was published at the beginning of April. This bull trend came to an end prior to the long Easter weekend when the market nosedived and closed below all of its daily short-term M/As. Last Thursday’s price action flipped the technical picture negative. This change of heart is also reflected in the status of the daily slow stochactics that is now firmly pointing south. There is absolutely nothing wrong with being short at the moment. There are two important questions for the bears that need answering. The first one is where to take profit in case the contract does go lower.

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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.