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Possible upside correction on ICE – Test of resistance on NYMEX

Published Thursday, April 24th, 2014

May ICE: After filling the gap yesterday at 48.80 the contract did not spend much time below this support and by the close it was a few points above it. In other words there are no targets either way at the moment. A close below 48.80 or an intra-day break below yesterday’s low at 48.60 is likely push the price down to 47.70, a range support and the lowest print on the May contract. It might not happen today. It is often the case that after hitting a target the contract retraces and we could experience such a correction today. This could take the price up to the 5-day M/A at around 50.21 and on a break over that up to the 13 and 8-day M/As. The former, currently at 50.90 is a sell but no short positions should be held if the latter at around 51.10 were settled over.

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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.