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Neutral ICE – Mini upside breakout on NYMEX

Published Thursday, March 19th, 2015

The negative flavour of yesterday’s report has proved to be unjustified. Both contracts edged higher. ICE turned from bearish to neutral whilst on NYMEX we experienced a close over the upper end of the narrower trading range so this contract is slightly on the bullish side if anything.

April ICE: At times this contract looked very constructive indeed but by the close the enthusiasm evaporated a little bit. The settlement was below the 13-day M/A (46.71 presently) but above the 5 and 8-day (46.44 and 46.60 respectively). Those who were short were recommended to go flat. This morning the next leg of this contract is unclear, therefore, it makes perfect sense to be patient and wait for developments. It would appear that the price action around these daily M/As will give us a clue as which way the market could go in coming days. A close below the 5-day M/A and below the 46.43 c/p support might mean that the 44.55 range support will shortly be re-visited.

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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.