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ICE is range-bound – NYMEX has turned bearish

Published Friday, April 10th, 2015

May ICE: The important 100-day M/A resistance was tested yesterday bit was not closed over. It is at 46.97 today and a close above it is still deemed to be a buy. Should such a close take place today it would green-light the 48.66 and the 49.45 range resistances as the next objectives on the upside. These are the daily highs on the May contract on April 2 and February 26. This is, however, the less likely scenario. After yesterday’s failure to punch higher the contract is drifting lower and is putting supports under pressure. These supports are the 13-day M/A at around 45.96 and the 34-day contract M/A at around 45.67. A close below this area is a sell. In this case it would not be surprising to see the contract weaken further and eventually test the 43.52 range support, the daily low on March 23. The contract is shaping up to be going lower. A close below the 13 and 34-day M/As is bearish. On a weekly basis unless the 5-week M/A at around 46.76 is settled over we are going into next week on a rather negative tone.

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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.