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ICE is still more negative – Watch 2.820/26 on NYMEX

Published Tuesday, February 24th, 2015

Both contracts hit their respective targets over the course of yesterday. The price movements provided ICE shorts and NYMEX longs with opportunities to close out their positions with some profit. After hitting the objectives both contracts turned. It is, therefore, recommended to be flat on ICE. The NYMEX contract, however, fell relatively hard and tested its buyable 5-day M/A support and did not close below it. As the March contract expires tomorrow on NYMEX and on Thursday on ICE, as of today we shall start concentrating on the April contracts.

April ICE: The 48.03 correction point support was tested, broken, but not closed below yesterday. The equivalent support on the April contract is 46.43. It is the 61.8% retracement level of the January-February uptrend. The contract is rallying this morning and has popped above the 5-day M/A which is around 48.17. This might mean that the 8 and 13-day M/As are going to be in sight shortly. They are currently at 48.72/87 and in between is the 38.2% c/p of the aforementioned rally at 48.76.

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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.