Brent crude needs to get back above the $50 level this week to activate upside targets, according to David Linton, Chief Executive at Updata.
In his latest video, Linton says that Brent is flat lining in the high 40s and should be watched very carefully for its next direction. On balance though, he still thinks a seasonal recovery is likely.
For details, watch Updata’s Technical Analysis for Energy Traders, which includes an analysis of the major energy, currency and stock markets:
Crude Oil – Up or down this coming week?
US NatGas – The most likely price target this week….
European Gas – Prices are following crude closely right now
European Power – We have a new trading range, watch for a break
Coal and Emissions – New big short term target!
Currencies and Gold – correlation with dollar changing
Stock Markets – India up, western markets not so good