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Be flat on both contracts

Published Tuesday, April 7th, 2015

May ICE: In Thursday’s report it was recommended to go long if the 100-day M/A was settled over. The contract looked really encouraging in the early hours of that day but started to weaken and by the close it was a few points below the aforementioned support. No buy signal was given. This morning further selling is pushing the contract below the 5 and 8-day M/As that are 46.46 and 46.35. On the upside the technical picture seems simple: only go long if the 100-day M/A at 47.13 is settled over. In that case the 49.45 range resistance and the daily high on the May contract on February 26 will be the nearest objective. On the downside a close below the 13-day M/A at around 45.56 is sell as in that case the 43.52 range support and daily low on March 23 will likely be tested. On a test and failure to close below the 13-day M/A, it would be logical to acquire some length too as in that case a jump up to the 100-day should occur. In a nutshell, watch the 100-day on the upside and the 13-day on the downside.

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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.