Technical & Fundamental Oil Reports Specialists

Follow us

Uncertain ICE, negative NYMEX.

Published Friday, May 23rd, 2014

June ICE: Doubts are emerging about the validity of the downtrend on this contract. There was no test of supports yesterday and now the view is that the longer the contract spend around the current levels the less likely it becomes to test the nearest downside objective. It is the 43.25 range support. Given the sideways price movements of the last week or so it is now recommended to use the 13-day M/A resistance to protect existing short positions. It makes sense to get rid of half of these positions on an intra-day break over the aofrementioned resistance that is currently at 45.08 and go completely flat on a close above it. Unless this resistance is broken and closed above the 43.25 target remains valid. If the contract weakens shorts are advised to take profit there and re-sell if closed below for a further dump to the 41.75 support. On a weekly basis the contract is also more on the negative side despite it being currently above last Friday’s settlement level of 44.28. 

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.