An (unexpected) aggressive rally overnight has seen a break above 59.15 that technically signals a shift to a broader range and neutral tone for latter March and maybe through early April.
The erratic rally also leaves a neutral bias into today for a consolidation phase.
For Today: We see a neutral tone between 59.71 and 56.30.
- Break above 59.71 aims for 60.50, maybe 61.30.
- Break below 56.30 aims for 55.25, maybe 54.70
Short-term Range Parameters: We see the range defined by 60.50 and 54.70.
Range Breakout Challenge
- Upside: Above 60.50 aims higher for 61.30 and 63.40/66.
- Downside: Below 54.70 sees risk lower for 53.55 and 52.68/77.
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4 Hour ICE Brent Crude Oil Future Chart (May 2015 contract)