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ICE is positive again – NYMEX is still moving sideways

Published Wednesday, March 25th, 2015

April ICE: This contract has avoided earning the designation of range-bound and undecided as it traded and closed higher yesterday. There was gentle but consistent buying almost all through the day and by the settlement the market closed well above all of its daily short-term M/As. These supports are between 46.61 and 46.47. This area should be used by current longs as a protection should the contract fail to go higher today. It might be an idea to cut any existing long positions in half on an intra-day break below this level and go completely flat or even short if settled below. On the upside bulls are now expecting further strength and the eventual test of the 34-day contract M/A that is presently at 47.82.

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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.