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ICE is negative – NYMEX is failing at resistance

Published Wednesday, March 18th, 2015

The ICE contract seemed to have turned bearish since the last report was published at the end of last week whilst NYMEX is still stuck in its narrower range and it might head lower today.

April ICE: It was recommended in Friday’s report to short the contract on a close below the 5 and 8-day M/As. Such a close duly happened and the contract drifted lower on Monday and settled one point higher yesterday. This was not enough to take profit on these fresh short positions. This morning the contract is trading higher but has not broken above resistances yet. These resistances are the above-mentioned 5 and 8-day M/As currently at 46.47 and 46.61. Should they be settled over shorts should be prudent and go flat. In that case the technical picture will turn neutral. It will only be bullish again if the 13-day M/A at around 46.84 were settled above.

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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.