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No retracement on ICE – NYMEX at strong support

Published Wednesday, April 2nd, 2014

May ICE: It was a question of 6 points to get a sell signal. The contract did not correct to the upside yesterday, instead it kept going lower yesterday. It broke through the 100-month M/A support at 50.51 only to rally somewhat towards the close and settle 6 points above this long-term support. The morning’s opening, however, gave us a strong clue as what to expect. The market headed lower and has been weakening ever since. The first weakish support has been moved below. It is at 48.90 and it is the weekly low from August 2011

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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.