Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

Has Brent Oil Peaked?


Yesterday, Brent Oil met its secondary upside target zone of $115.00, and has since pulled back a bit.

Let's notice that my 4-hour momentum gauge shows a glaring divergence at yesterday's high, which, if nothing else, is a near-term warning signal that the up-move off of the June 21st low at $88.49 (+30%) is complete, and that the likelihood of a significant correction is increasing.

That said, however, at this juncture, only a decline that breaks and sustains beneath the June-Aug support line, now at $109.20, will inflict meaningful technical damage.

Barring some sort of dangerous geopolitical flare-up, I will be expecting Brent Oil -- and the U.S. Oil Fund ETF (USO) along with it -- to weaken in the hours and days directly ahead.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!