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ICE is still positive but NYMEX has turned bearish

Published Monday, March 2nd, 2015

Whilst ICE was positive and NYMEX negative on Friday morning both contracts are now more on the bearish side this morning as both are slipping, ICE is more so than NYMEX.

April ICE: We painted a positive picture on this contract on Friday and said that a close over resistance or a dip to support is a buy. We identified the 13-day M/A as the buyable support. The contract never quite made it down there on Friday and it opened right on this level this morning before falling further south. It is at 49.38 at the time of writing. Whether you went long in the early hours of today at the open or not, in the light of this morning’s movements it is recommended to be flat. A close over the 13-day would be a buy as in that case the test of the 100-day contract M/A at around 50.41 will be anticipated. On the downside an eventual close below the 8-day M/A would mean that the contract will turn unreservedly bearish.

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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.