A significant setback through midweek (after a bullish outside pattern Tuesday to a new recovery high to 63.00), leaves a correction bias lower late this week.
However, we still see upside risks for latter February from the the strong rebound last week from 50% retrace support at 55.17, to push through the 2014 high on the Daily Continuation chart at 60.83.
For Today: We see a downside bias for 59.08; break here aims for a deeper correction towards 56.70.
Short-term February Outlook - Upside Risks: We see a more positive tone with the bullish threat to 65.99.
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2 Hour ICE Brent Crude Oil Future Chart