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ICE is still bullish – NYMEX is neutral

Published Friday, February 13th, 2015

March ICE: Look at the daily chart and you’ll see that it takes a very brave man to short this contract. The market rallied further and closed above the 61.8% retracement level of the November-January downtrend yesterday. It is 53.91. In other words yesterday’s close was a buy. The question now is how to protect fresh long positions and where to take profit. The answer to the first question is to split any long positions into four equal parts and keep a close eye on the two nearest supports. These are the aforementioned c/p and the 100-day contract M/A at 52.96. It is advised to gradually get rid of long positions on sustained breaks and then on closes below these supports. Taking profit seems a bit simpler. The 200-day contract M/A is at 57.09 and the continuation high on October 1 is 57.16. It is a strong range resistance so longs are recommended to go flat when this area is tested and only re-buy if settled over.

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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.