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ICE is still more positive and NYMEX is negative

Published Thursday, February 5th, 2015

Both contracts are edging closer to their respective targets. Whether they will seriously be tested remains to be seen but some kind of volatility cannot be excluded, especially on NYMEX as today is stats day.

March ICE: Bulls are seemingly safe as long as the 45.20/09 support area holds. This a range support and continuation low on January 7 and the weekly correction point support. In between these two is the 13-day M/A at around 45.19. Longs are only recommended to take some loss if this area is closed below. As a matter of fact in that case they might even contemplate going short. This scenario is not very likely today as both the 5 (46.01) and the 8-day M/As (45.88) are below the price action. Should the contract rally then part of any long positions should be closed out on the test of the 34-day contract M/A currently at 47.20 and it is recommended to go flat if the 200-day continuation M/A at 47.44 is in sight.

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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.