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Brent Crude Future (ICE) Signals Bullish Shift

Posted by on in Commodity Chart Updates
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Brent Crude Future (ICE) Signals Bullish Shift

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)



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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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