Technical & Fundamental Oil Reports Specialists

Follow us

Supports are under pressure on ICE – Uptrend is still intact on NYMEX

Published Friday, April 25th, 2014

May ICE: Apart from a very brief price strength there was no real upside correction on this contract yesterday and therefore there was no opportunity to re-establish short positions. Instead, supports were put under pressure but they held by the close. The supports in question are the gap that was filled on Wednesday at 48.80 and the low on the same day at 48.60. The recommendations from yesterday, therefore, are still very much valid. It is advised to only short the contract if a.) 48.80 is settled below, b.) 48.60 is broken below on an intra-day basis or c.) if there is a rally up to the 8-day M/A resistance which is currently at 50.61. Under the first two scenarios profit should be taken at 47.70. This is a range support and the low on the May contract from the beginning of April.

To read the rest of the report, please click here 

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.