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Brent Crude Future (ICE) Rebound Signals Shift to Range Theme

Posted by on in Commodity Chart Updates
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Brent Crude Future (ICE) Rebound Signals Shift to Range Theme

An (unexpected) aggressive rally overnight has seen a break above 59.15 that technically signals a shift to a broader range and neutral tone for latter March and maybe through early April.

The erratic rally also leaves a neutral bias into today for a consolidation phase.

For Today: We see a neutral tone between 59.71 and 56.30.

  • Break above 59.71 aims for 60.50, maybe 61.30.
  • Break below 56.30 aims for 55.25, maybe 54.70

Short-term Range Parameters: We see the range defined by 60.50 and 54.70.

Range Breakout Challenge

  • Upside: Above 60.50 aims higher for 61.30 and 63.40/66.
  • Downside: Below 54.70 sees risk lower for 53.55 and 52.68/77.


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




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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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