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ICE is still negative. Watch the 13-day M/A on NYMEX.

Published Tuesday, January 20th, 2015

February ICE: Regardless whether you started short the contract or not during the day you probably went home fully short yesterday as the contract settled below the 45.20 range support but did not hit its next downside objective. It is the continuation high on July 29 and is at 43.75. This morning’s low has so far been 44.00, not quite close enough to cover short positions but hopefully it will happen later today. The contract is negative. It is below all of its daily short-term M/As that are between 46.15 and 46.66. It is below the former range supports of 45.55 and 45.20. The long-term c/p, the 61.8% retracement level of the July-November uptrend is also now above the price action. It is at 45.09. The daily slow stochastics are firmly negative. All these paint a rather bearish technical picture. Should this view prove to be incorrect for whatever reason shorts are recommended to protect their positions on a break and close above the 45.20 resistance. In that case the test of the daily short-term M/As will be expected.

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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.