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Brent Crude Future Downside Correction Bias

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

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.

For Today:

  • 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.

To view today's full Brent Crude Oil report with screencasts, click here
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4 Hour ICE Brent Crude Oil April 2015 Future Chart

b2ap3_thumbnail_brent2_20150310-064600_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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