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Supports have held on both ICE and NYMEX

Published Friday, May 2nd, 2014

June ICE: The nearest support was hit and the market rallied and finished the day off the low. The support in question is 45.50 – the monthly low from November 2010. Shorts, hopefully, banked some money and they should be all square now. The daily short-term M/As are above the current price action and the daily slow stochastics, albeit wobbling, is still negative. However, given that the nearest target was hit on the nose but held it is not recommended contemplating to short the contract just now. Of course, a close below 45.50 will green-light the next objective, another range support at 41.75 and as such it would be a sell. This might not happen today considering the long London weekend ahead of us. There is a good chance that we’ll see some kind of upside retracement.

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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.