Brent crude is stemming recent losses and turning higher for now after giving back over 50% of its recent surge. Get your market update from nickcawley1 here:
The daily price chart shows how Brent has given back around 50% of the December 2 – March 6 rally, with the reversal taking less than 10 days. The 61.8% Fib retracement of the move sits at $92.6/bbl. and this should act as fairly strong support, while the 38.2% retracement is situated at $109.6/bbl. and this should provide resistance to any move higher.
Brent remains oversold according to the CCI indicator, while volatility remains at levels last seen over a decade ago.63.57% of traders are net-long with the ratio of traders long to short at 1.75 to 1. The number of traders net-long is 12.83% higher than yesterday and 16.29% higher from last week, while the number of traders net-short is 25.37% lower than yesterday and 29.66% lower from last week.
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