Technical & Fundamental Oil Reports Specialists

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ICE is negative and NYMEX is undecided

Published Friday, March 20th, 2015

The NYMEX contract continues to confuse and is lacking clear direction. The ICE contract is more on the negative side after yesterday’s performance but it is not convincing either. Below we shall take a brief look at the daily technicals then we will start concentrating on the weekly status in search for directions.

April ICE: All the daily short-term M/As were closed below together with the 46.43 correction point. The performance of yesterday was negative. The next objective on the downside, the 44.55 range support, has been green-lighted. This target remains valid unless the daily short-term M/As that are between 46.23 and 46.55 are settled back over. In case of such a strength it is recommended to go flat or even long. Otherwise, short positions should be covered on a test of the 44.55 level then re-instated if 43.75 were settled below. As far as weekly technicals are concerned the contract is firmly negative.

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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.