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Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Wed Apr 1, 2015 07:42 AM CDT

Brent Crude Oil: The spot-month contract closed at $55.11, down $7.47 on the monthly chart. The major (long-term) trend appears to have turned sideways with support at the January 2015 low of $45.19 and resistance at the February high of $63.00. The continued strengthening of the contango in the nearby futures spread reflects an increasingly bearish commercial outlook, a factor that could lead to a test of initial support, if not the December 2008 low of $36.20.

Crude Oil: The spot-month contract closed at $47.60, down $2.16 on the monthly chart. The market posted a new low of $42.03 in ...

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