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ICE looks bullish, be flat on NYMEX

Published Friday, February 6th, 2015

Targets were hit both on ICE and NYMEX yesterday. The ICE contract closed above its nearest resistance area therefore longs probably went long again on the close. NYMEX hit its downside objective but failed to close below the support therefore it is recommended to be flat on this contract and wait for developments.

March ICE: As the 34-day contract and the 200-day continuation M/As (currently 47.11/47.45) were tested yesterday longs took profit. The contract, however, did not turn there but kept going higher and closed well over the 34-day continuation M/A presently at 47.83 and the range resistance and high on the March contract on January 14 at 48.00. Bulls went long on the close again. It would only make sense to use the 200-day M/A to protect half of any new long positons and the 34-day contract M/A to get rid of the other half in case the market drops today. If not, these longs expect the test of the 49.50 resistance.

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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.