Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sat Feb 21, 2015 08:13 AM CST

Brent Crude Oil: The spot-month contract closed $1.30 lower at $60.22. Despite the lower close the secondary (intermediate-term) trend remains up with weekly stochastics bullish. However, the spot-month contract did find resistance at $62.22 (last week's high was $63.00), a price that marks the 23.6% retracement level of the previous downtrend from $117.34 through the low of $45.19. If this leads to follow-through selling, initial support is pegged at $56.20, then $54.09. Given the uptrend in the spot futures spread (weakening contango), this area should hold a possible sell-off. The longer-term price upside price target remains the 38.2% retracement level ...

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