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Valid downside target on ICE – Patience on NYMEX

Published Friday, April 4th, 2014

May ICE: We might as well copy in here the report from yesterday as neither supports nor resistances were bothered. The contract finished the day a few points higher but is weakening again this morning. The market is still bearish and a test of the next downside objective is still expected which is the 50% retracement level of the monthly move at 47.18. The odds of testing this target will increase if yesterday’s low at 47.85 were broken below on a prolonged (1-2 hours) basis. It is an extremely strong support and there is a real possibility that it will hold if or when tested. If not then an eventual close below that would be mega-bearish.

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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.