A more negative consolidation to begin this week, as we had expected, after the dip lower at the end of last week, to leave risk for further support challenges into mid-March.
- We see a downside bias for 58.10/57.80, which we would look to try to hold. Break targets 56.70, maybe 55.16.
- But above 60.02 opens risk up to 61.30, maybe 61.81/62.00.
However, we continue to see bigger picture upside risks whilst above support at 55.16.
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4 Hour ICE Brent Crude Oil April 2015 Future Chart