A bearish signal is close for the December 2018 (Z18) / January 2019 (F19) Brent crude calendar spread, says James Dima, technical analyst at Marex Spectron.

Looking at a chart of the Z18/F19 ICE Brent Crude spread, Dima says to watch for a close below 0.42, which would result in a negative MACD crossover (bearish Z18). This last occurred on 6 July just before a significant fall in the spread.

See Chart.