Technical & Fundamental Oil Reports Specialists

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ICE is still bearish – NYMEX has turned positive

Published Friday, March 6th, 2015

April ICE: The headline above should actually read as follows as far as this contract is concerned: ICE is still bearish, very bearish. It has paid off to have strong nerves and not to panic when the 48.76 c/p resistance and the 8 and 13-day M/As were tested. Not only shorts had the opportunity to take profit when the 47.08/00 range was in sight but they sold short again on the close as the contract settled below the 34-day contract M/A currently at 46.95. This resistance together with the 5-day M/A at around 47.15 should be used to protect fresh short positions in case the contract rallies. Otherwise it is advised to go flat when 44.15/00 is approached.

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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.