Technical & Fundamental Oil Reports Specialists

Follow us

Both contracts are undecided

Published Friday, January 23rd, 2015

February ICE: It would make technical sense to repeat the advice from yesterday. The contract settled below the 45.57/55 range, also below the 45.20 range support and the 5-day M/A together with the weekly correction point at 45.09. It was recommended that shorts should only cut losses on a close over the 45.55/57 area. This advice remains valid for today. In this case the test of the 8 and 13-day M/As are expected. They are at 45.92 and 46.25 respectively. A close over the latter is a buy for a rally up to the 47.12/25 range and possibly as high as the 49.50 range resistance, the high on the February contract on January 14. In case of weaker numbers the 43.75 target should be hit sooner rather than later, especially on a break below Tuesday’s low of 44.00. As for weekly technicals the contract is still deemed bearish and this would be confirmed on a close below the aforementioned c/p at 45.09.

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.