The Monday stall back from the high for the year on the Daily Continuation chart at 60.83 and Tuesday break through support was reinforced by the midweek surrender of further support from the February rebound.
A roll to the April 2015 contract and a shift in levels, but still a negative bias in the range.
- We see a downside bias through 55.82 and 55.17 and likely closer to 54.06/53.89, which we would then look to try to hold; break opens risk down to 52.35/07.
- But above 58.09 opens risk up to 59.62, maybe closer to 60.59/83.
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2 Hour ICE Brent Crude Oil Future Chart