Technical & Fundamental Oil Reports Specialists

Follow us

Possible test of supports on both contracts

Published Monday, March 23rd, 2015

Both contracts lost some value on Friday with ICE not only closing below all of its daily short-term M/As but also below the weekly ones. NYMEX rallied and failed at the top end of the narrower range. Not only did it drift and close lower on the day but some follow-through selling is pushing the price further south this morning. This suggests that supports are going to be under pressure today on this contract, too, a close below which is considered bearish.

April ICE: After closing below the daily M/As on Thursday this contract went lower on Friday and finished the week in negative territory. Friday’s performance meant that all the weekly M/As were settled below and supports should come under further pressure. Those who are still short are now looking for the test of the 44.55 range support, the daily low on the April contract on March 5. It might be an idea to cover short positions here and getting ready to re-sell if 44.00 is broken and settled below. This is the weekly low at the end of January this year.

to read the rest of the report, please click here

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.