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Patience on ICE – Weak performance on NYMEX

Published Wednesday, February 18th, 2015

March ICE: The early weakness did not last and the contract managed to close over the 8-day M/A support after having broken below that during the course of the day. No opportunity was provided for bears to re-instate their short positions. A close below the 8-day which is currently at 51.31 is still considered a sell and in that case the 13-day M/A at around 49.55 should be targeted. Given the negative status of the daily slow stochastics with a bearish divergence on this is the more likely scenario to take place. On the other hand, if this view proves to be wrong there will be nothing wrong to start acquiring length if the highest of the daily short-term M/As, the 5-day at around 56.33, were settled over. It is very close to the 100-day continuation (52.26) so a close over this area would boost the bulls’ confidence.

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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.