Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Sun Feb 1, 2015 06:01 AM CST

Brent Crude Oil: The spot-month contract closed at $52.99, down $4.34 on the monthly chart. While the major (long-term) trend remains down, the rally late in the month had stochastics nearing a bullish crossover well below the oversold level of 20%. This would indicate the market could start to stabilize, and possibly turn bullish by the end of February. The spot-month is below support at $57.96, the 76.4% retracement level of the previous major uptrend from $36.20 (December 2008) through the high of $128.40 (March 2012).

Crude Oil: The spot-month contract closed at $48.24, down $5.03 on the monthly chart. ...

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