Earlier this year the slip back in Crude Oil price was supported by the 38.2% retracement, with bears unable to make further headway. The subsequent recovery still looks sound, with the May high remaining under threat of being breached.

The Commodity Specialist view

BRENT CRUDE - WEEKLY CONTINUATION CHART:

Recovery from the 38.2% pullback earlier pushed beyond the prior highs shown. These have so far provided support.

The May high remains under threat, with a break higher to turn attention towards the 61.8% recovery level around 105.00.

BRENT CRUDE - DAILY CHART JAN-11:

A recent dip held above the 81.24 19-Oct low, helping to preserve current bull momentum.

The chart looks well-placed to make a better break of the 76.4% level to challenge the 93.24 May high.

Beyond here we can start calculating higher projection levels.

Mark Sturdy
John Lewis

Seven Days Ahead
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