After the rollover to the new front month, the price of Brent Crude has exceeded the Mid-March high. Here’s what our clients got today.
Candlestick Chart & Technical Analysis
•Short term Trend: Bullish
•Medium term Trend: Bullish
•Yesterday’s candle:
“July is now front month. Gains were seen to 102.63 in the new contract yesterday and we’re bid overnight, up to a 104 handle as I write. The recent high on this chart is 104.69 and in sight. Above that we go back to the continuation chart for reference levels.“
105.82 was one of those levels from the continuation chart and this gave us yesterday’s high.
•Fibonacci says: 91.66 is 38.2% of the gains since mid-December. – 87.82 on the new chart.
•Moving Averages/Indicators/other: MACDMoving Average Convergence Divergence - a technical analysis... turns back to bullish.
•Summary: Bulls had a good week last week; starting to think about retesting 112.12 now.
•Favoured direction for today: Long side preferred.
•Bigger Picture thoughts and targets: New front month makes a mess of our charts. On the continuation chart we are still watching 108.29, 111.89 and 119.50.
Market Profile
•Profile setup/levels: 102.92 is a vacuum left below yesterday.
•20-day CHVNComposite High Volume Node – “Composite” profiles; tho... More: 99.00 – New data set.
•Naked VPOCsVolume Point of Control – The price where the most volume ... More below: 94.80
•Naked VPOCsVolume Point of Control – The price where the most volume ... More above: 110.50
•SPVsSingle Print Vacuum – Similar to an LVN/CLVN. A price or p... More in play below: 102.92, 91.08
•SPVsSingle Print Vacuum – Similar to an LVN/CLVN. A price or p... More in play above: None.
Support & Resistance Levels (Futurestechs’ SkewBar)
Key
Purple = Marabuzo lines
Green = Fibonacci level
Blue = Market Profile level
Orange = Trendlines/Chart Pattern levels
Clive Lambert FSTA – FuturesTechs
25 years of institutional expertise in the UK and European Energy Markets and 10-time Technical Analysis award winner. Clive provides industry-standard technical outlook, utilising Market Profile and Candlesticks Analysis for over 100 global trading desks.
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