A surge higher Wednesday through the 60.65 level on the June contract to signal a a better base again and a more bullish shift from the range environment.
Given the acceleration, we see a consolidation bias Thursday, but bull pressures into April.
For Today: We see a neutral tone between 62.21 and 63.47 (with a positive bias)
Break above 63.47 aims for 64.21/42, which we would look to try to cap.
Break below 62.21 aims for 61.00, maybe 60.23, which we would look to try to hold.
Short/ Intermediate-term Outlook - Upside Risks:
We now see a more positive tone with the bullish threat to 64.21/42.
Above here targets 66.15 and 70.00.
What Changes This? Below 56.61 eases bull risks; through 55.12 signals a neutral tone, only shifting negative below 53.63.
Momentum: The 8-day RSI, short-term momentum is rising and has scope to go still higher this week.
To view today's full Brent Crude Oil report with screencasts, click here
Remember, for a FREE trial of all our Commodity and other reports sign up by clicking here
Daily ICE Brent Crude Oil Future Chart (June 2015 contract)