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Hostile and bullish ICE – Patience on NYMEX

Published Tuesday, February 10th, 2015

March ICE: If Thursday’s rally looked like a bull trap based on Friday’s sell-off and the weakness seen yesterday morning, then this fall in prices seem to be the bear trap of the bull trap as the contract is rallying out of sight. It did not close above the 48.00 range resistance yesterday above which it was recommended to go long again but it broke above it after the close yesterday. Those who decided to acquire length last night based on the late price strength have probably taken profit this morning as the 49.50/49.88 resistance area has been tested and broken above. The former is the continuation high on January 14 and the latter is the 38.2% correction point of the November-January sell-off on the March contract. Should it be settled above the 50% retracement level of the same move down at 51.89 will be targeted.

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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.