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Brent Crude Oil Future Negative Range Pressures

Posted by on in Commodity Chart Updates
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Brent Crude Oil Future Negative Range Pressures

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.

For Today:

  • 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.
To view today's full Brent Crude Oil report with screencasts, click here
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2 Hour ICE Brent Crude Oil Future Chart

b2ap3_thumbnail_brent2_20150212-064549_1.png

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Tagged in: Brent Crude FUTURES ICE Oil

Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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