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Both contracts are undecided

Published Thursday, January 22nd, 2015

February ICE: We said in yesterday’s report that shorts should go flat on a break and close over the 45.55 range resistance and the 5-day M/A. Well, the settlement was right between the two as the 5-day M/A that is currently at 45.20 was 45.58 on the close. If you remained short, good, if not, it might be an idea to put back on just a small portion of the short positions from yesterday as the contract is drifting lower this morning. The price is below the 45.55 range, the 45.20 range supports, and is also below the 45.09 weekly correction point and the 5-day M/A, too. In case of further weakness a dip below the recent low at 44.00 will mean that the 43.75 range support will be tested.

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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.