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Test of supports on ICE – Be flat on NYMEX

Published Thursday, January 8th, 2015

February ICE: There is no reason to change the view on this contract from yesterday as it settled a mere 6 points higher on the day. Over the course of the day it tested its support at 45.09 but did not close below it. This is the 61.8% correction point of the July-November weekly rally. A close below this support is a sell as in that case the test of the 43.75 rage support will be expected. The latter is the continuation high on July 29. A rally to the 50% retracement level of the 2009-2013 uptrend at 47.17 is still deemed to a sale but no short positions should be held if this resistance is closed above. Under the latter scenario the contract will turn neutral and the test of the 8-day currently at 48.40 will be anticipated.

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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.