Technical & Fundamental Oil Reports Specialists

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ICE is still negative. NYMEX is undecided.

Published Friday, May 22nd, 2015

Apologies for yesterday’s technical failure. Luckily the contracts had a relatively uneventful Wednesday’s so comments from the day before were very much valid yesterday and they are valid today, too. Since there will be no report next week below we take a brief daily technical stock of the contracts and then have a deeper look of the weekly picture trying to figure out what can be expected in the next five days.

June ICE: Shorts are still advised to take profit just above 41.30 and sell short again if closed below for further weakness down to the 40.49 range and 40.35 c/p support. Positions should be protected if the 13-day M/A at around 42.30 is closed above and in that case there will be nothing wrong with going long. On such a move the 34-day M/A at around 42.94 should be targeted. As for weekly technicals the contract is firmly on the negative side and will remain so unless the 5-week M/A currently at 42.43 is closed above.

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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.