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Brent Crude Future Downside Correction Bias in Recovery Trend

Posted by on in Commodity Chart Updates
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Brent Crude Future Downside Correction Bias in Recovery Trend

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.

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


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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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