Technical & Fundamental Oil Reports Specialists

Follow us

ICE is firmly negative – NYMEX is possible still bearish

Published Thursday, April 23rd, 2015

Apologies for yesterday’s missing report, a computer glitch prevented us from sending out the daily report. Luckily, there was no real change on the technical front. We said in Tuesday’s note that both contracts are negative and supports are expected to come under pressure. Over the last two days the ICE contract has lived up to its bearish expectation whilst NYMEX has narrowly escaped from being called range-bound.

May ICE: The daily short-term M/A have not been closed above during the last two days and the contract lost some value yesterday. Follow-through selling this morning has pushed the price of the contract below the 44.03/00 range support level. Shorts who are still running half of their original positions are advised to go completely flat if or when the 43.52 range support is approached. It is the contract low on March 23. These short positions then ought to be re-installed if 43.30, the daily low on March 6 is settled below.

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.