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Brent Crude Future (ICE) Solid Above Support; Bias is Higher

Posted by on in Commodity Chart Updates
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Brent Crude Future (ICE) Solid Above Support; Bias is Higher

The firm rebound last week from clusters of supports at 58.30/57.80 was reinforced by similar price action this week, again rebounding from here to leave risk higher into March.

We continue to see bigger picture upside risks whilst above support at 55.16.

Short-term Outlook - Upside Risks:

  • We see an upside bias for 62.00, then 62.83/63.00.
  • But below 59.34 opens risk down to clusters of support at 58.75/58.10/57.80, which we would look to try to hold.
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


Daily ICE Brent Crude Oil Future Chart


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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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