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ICE is negative – Watch the 5-day MA on NYMEX

Published Thursday, May 8th, 2014

June ICE: Further weakness pushed the price of the contract lower yesterday and the settlement was below the 45.50 support level. The close seemed to be a sell. Now the question is what next. As far as protecting short positions is concerned the 45.50 level should be used. It is recommended to cut losses if closed above. On the downside yesterday’s price movement provided us with a guideline. The close green-lighted the long-term downside objective – the 41.75 range support and the monthly high in January 2010. The market is very unlikely to fall down there in a straight line therefore it is only reasonable to take it step by step. The low of yesterday was at 44.70.

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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.