Technically Speaking Blog
Darin Newsom DTN Senior Analyst
Mon Feb 1, 2016 04:11 AM CST

Brent Crude Oil: The spot-month contract closed at $35.99, down $1.29 on the monthly chart. After posting a new low of $27.10 in January, the lowest price since November 2003, the spot-month contract posted a strong rally to close out the month. This move led to the establishment of a bullish crossover by monthly stochastics below the oversold level of 20% and possibly a bullish spike reversal on the continuous monthly chart. If so, then the major (long-term) trend would be considered up with an initial price target of $51.01. This price marks the 23.6% retracement level of the previous ...

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