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ICE could have a change of heart – NYMEX is still more negative

Published Wednesday, January 28th, 2015

There is still hope. For bears, that is. It seems that this hope is much more realistic for NYMEX shorts than ICE shorts. Both contracts failed to punch and close above the highest of their 13-day M/A resistance. However, NYMEX is drifting lower this morning but ICE seems to be trying its best to break above its important resistance and turn bullish.

 

March ICE: The 13-day M/A is at 45.05. It is very close to the weekly c/p at 45.09 and to the continuation range resistance at 45.20. At the time of writing the March contract is printing 45.45, above this important resistance area. It might an idea to cut back on any short positions and go flat and even long if this resistance level is closed above. Such a close would mean a change in sentiment and in that case the nearest upside objective, the 48.00 range resistance and daily high on the March contract, will expected to be tested shortly. In case the contract weakens and closes back below the area mentioned above, shorts will re-gain control. On such a move there is nothing wrong being fully short as the test of the 43.35 range support will be on the menu.

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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.