NEWS
Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sat Aug 1, 2015 06:11 AM CDT

Brent Crude Oil: The spot-month contract closed at $52.21, down $11.37 on the monthly chart. The market remains in a major (long-term) uptrend with the sell-off since May 2015 high of $69.63 looking like Wave 2 of an Elliott Wave 5-Wave pattern. Support is at %50.96, a price that marks the 76.4% retracement level of Wave 1 from the January 2015 low of $45.19 through the May high, then the January low. Monthly stochastics are back near 20% after establishing a bullish crossover below this level at the end of February.

Crude Oil: The spot-month contract closed at $47.12, down ...

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