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February 2015 Contract
Yet another push lower Wednesday as anticipated through 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 to aim still lower for mid-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 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.
- A rare day for a bullish tone, but we see an upside bias through 51.84/91; break here aims for 52.80, maybe 53.60, which we would look to try to cap.
- But below 50.24 opens risk down to through 49.66 for 48.10, maybe closer to 45.61.
Weekly ICE Brent Crude Future (Feb 2015 contract)
2 Hour ICE Brent Crude Future (Feb 2015 contract)