February 2015 Contract
A push Tuesday lower as anticipated through the 78.6% retrace of the entire 2009-14 bull rally at 50.75 to reinforce bearish pressures to aim still lower for early January and for the month.
The end of year plunge lower and further erosion to start 2015 from a bearish outside Friday pattern through notable 2010 weekly swing lows at 55.61 and 54.29 also highlights bear risks.
Short-term Outlook - Downside Risks:
- The bias is now for the psychological/ option target at 50.00.
- Overshoot threat for January is to the more 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.
- We see a downside bias through 50.00 for 48.10, maybe closer to 45.61.
- But above 52.80 aims for 53.60, which we would look to try to cap.
Weekly ICE Brent Crude Future
2 Hour ICE Brent Crude Future (Feb 15)
To view the full ICE Brent Crude Future report with screencasts, click here