Technical & Fundamental Oil Reports Specialists

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ICE is still more negative – NYMEX is at crucial resistance

Published Monday, February 23rd, 2015

March ICE: The headline about the ICE contract could be a little bit misleading. Just 10 minutes before I started typing this commentary the contract was printing 49.40/43. If you remember, the 49.47 resistance was singled out in Friday’s report as the level above which shorts are recommended to cover. It was not closed above at the end of last week but it looked as though it would be broken over this morning. The contract, however, has just started to come lower hence the headline. In other words, shorts should still be short and they are advised to take profit when if or when the 48.03 support is in sight. This is the 50% correction point of the January-February uptrend. These short positions then ought to be put back on a close below the 34 and 200-day continuation M/As at 47.68/66.

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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.