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Bullish ICE and bearish NYMEX

Published Friday, January 30th, 2015

March ICE: This contract did not get up to the 48.00 range resistance where profit-taking on long positions is recommended. It did not, however, close below supports either. Bulls, therefore, are not concerned and they are still keeping their positions. They will only cut losses if 45.20/09 range and c/p support together with the 13 and 8-day M/As currently at 45.05 and 44.98 were closed below. In that case the rally of Wednesday and Thursday will prove to be a bull trap and the 43.35 range support should be re-visited next week. As such, a close below the aforementioned support is a sell. On the upside longs are advised to take profit just below 48.00 and buy again on a close over the 48.10/17 level. This is where the 34-day M/A and the weekly correction point are. The aforementioned weekly c/p at 45.09 is especially important today being Friday. If it holds there is every chance of further strength early next week.

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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.