Technical & Fundamental Oil Reports Specialists

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Bullish ICE and neutral NYMEX

Published Thursday, January 29th, 2015

March ICE: Any hope that this contract could fail at resistances and eventually drift lower and test supports proved to be misplaced. The 13-day M/A, currently at 45.11, the weekly correction point at 45.09 and the range resistance at 45.20 were settled above. Shorts went flat and hopefully they started to acquire length based on yesterday’s close. Follow-through buying is pushing the price of the contract higher this morning which is now well above the 45.75 range and is on its way towards the nearest significant resistance.

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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.