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Test of resistance on ICE – NYMEX should come lower

Published Thursday, March 26th, 2015

There was no real change as far as technicals are concerned as ICE tried to go higher but could not test its nearest resistance and NYMEX lost value but was nowhere near the bottom end of its narrower trading range. The most important development is that from today onwards we are switching to the May contracts as the April expires tomorrow on NYMEX and on Monday on ICE.

May ICE: We had an upside target in the form of the 34-day contract M/A on this contract. It is 45.94 on May. If you are long you are advised to go flat when this area is tested. Should it be closed over then probably even higher numbers will occur. Such a close, therefore, would be a buy as the 100-day contract M/A at around 47.44 will become the next objective on the upside. For our immediate purposes a close eye has to be kept on the 34-day M/A. On the downside longs seem to be safe as long as the price action is over 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.