 Hello and welcome to the chart of the week video with myself market analyst David Madden. Today's date is Wednesday the 8th of October and the time has just gone 2 p.m. UK time. Today's chart of the week is going to be Brent crude oil, it's been the news a lot recently and the market is pushing higher. Starting off we will look at the weekly chart and the broad picture of the last year and a half has been to the upside for Brent crude oil and especially in the last few months it's been really pushing higher. In fact this week we saw a level not seen since June 2015 so this week Brent crude oil hit a 28 month high so this goes to show you how bullish the oil market has been in recent days. If we zoom in on the chart here and turn your attention down here to the MACD indicator the MACD histogram we can see that while the oil market was pushing higher over the last number of months there was a steady increase in the positive momentum so that tells us that the rate of change on the buying side is actually increasing so all the momentum is with the buyers we can be more confident that this move is going to last. This red line up here is a 200 week moving average. Now already this week the market traded above the 200 week moving average and then it has now managed to dip, it has now pulled back and it's now resting on the 200 week moving average which is in and around the current price of $63.65. For now the 200 week moving average is sort of acting as support at the moment. Should we manage to hold on to that level the 200 week moving average it's a very important metric to be mindful of that will be a very positive indicator for the future direction of the price of oil and should it hold above the 200 week moving average we could see a target at potentially $67.26 and if you take all that level we could then be looking back towards $70 per barrel. Now that we've discussed the potential upside targets for the price of Brent and now flip over to a daily chart to discuss the potential areas for support. Looking at the daily chart you'll notice that the upward train that the market has been in since June is even more evident it's been a fairly clear flow of higher highs and higher lows over the last number of months so looking so over the last number of months buying the dips has been quite a popular strategy with traders so if you do see a callback from these levels in the old market we could potentially find support in around here which would be $62.53 or even that low as the psychologically important $60 per barrel or potentially even down as low as the September high which comes into play at $59.51 these are all areas you can potentially see buyers enter the fold should we see a sizeable pullback in the price of Brent crude oil. If you are going to be trading the oil market please be mindful that today at half three London time the EIA will report the latest US oil and gasoline stockpile figures these figures tend to have quite a large impact in terms of volatility on the market so it is something to be mindful of well that's all for me today for this week's chart of the week video please tune in next week thank you very much