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ICE should go up, NYMEX down

Published Friday, March 27th, 2015

The contracts hit their respective targets which, in the case of ICE, was a resistance and on NYMEX a support. The difference is that the ICE contract not only tested the resistance but also closed above it so it provided bulls with an opportunity to go long again but the NYMEX contract did not settle below support levels therefore it is recommended to be flat on this contract.

May ICE: The resistance in question is the 34-day contract M/A on the May contract at 45.98. Those who were long at the beginning of trading yesterday probably took profit when this level was tested and they went long again on the close as it was settled over. Yesterday’s strength means that the next objective on the upside has been validated. It is the 100-day contract M/A that is currently at 47.39. Longs are advised to take profit there and only buy again if closed above. Fresh short positions should be protected on a close back below the 34-day M/A in which case the contract would go back to neutral territory with the possibility of testing the daily short-term M/As.

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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.