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Brent Crude Future Bear Pressures Intact for 2010 lows at 45.61 and 43.47

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Brent Crude Future Bear Pressures Intact for 2010 lows at 45.61 and 43.47

To view the full ICE Brent Crude future report with screencasts, click here

February 2015 Contract

Recovery efforts failed to materialize on Thursday/Friday with stalls back from the 51.84/91 area to aim back lower this week, through mid-January and potentially for the month.

Another new cycle low Friday having last week surrendered the 78.6% retrace of the entire 2009-14 bull rally at 50.75 and the psychological/ option target at 50.00 to reinforce bearish pressures.

Short-term Outlook - Downside Risks: The threat for January is now to the significant 2010 lows at 45.61 and 43.47.

What Changes This? Above 55.84 eases bear risks; through 58.54 signals a neutral tone, only shifting positive above 63.70.

For Today:

  • We see a downside bias for 48.90; break here aims for 47.05/00, maybe closer to 45.61.
  • But above 51.44 aims through 51.84/91 and opens risk up to 52.80, maybe 53.60, which we would look to try to cap.

Weekly ICE Brent Crude Future Chart

b2ap3_thumbnail_brent1_20150112-063129_1.png

3 Hour ICE Brent Crude Future Chart

b2ap3_thumbnail_brent2_20150112-063133_1.png

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Tagged in: Brent Crude FUTURES ICE Oil

Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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