 Hello and welcome to the chart of the week video with me David Madden. Today's date is Thursday the 11th of April 2019 and the time has just gone 11 to 15 British summer time This week's chart of the week is Brent crude oil and as we can see here Brent crude oil has been in a nice upward trend since late December a nice series of higher highs and higher lows So a classic definition of an upward trend and only yesterday Brent crude oil managed to eke out yet another yet another five month high So what we've recently hit levels not seen since November 2018 and a part of this bullish move in Brent crude oil is percent is because of several issues largely because of these intentional production declines in terms of output from Well from OPEC, but you know Saudi Arabia one of the major in major Influencers of OPEC OPEC I've been I've been tripping up output also in 2019 we've seen a reasonable turnaround in Chinese economic indicators and manufacturing figures out of China and the service figures out of China have been improving ever so slightly Speaking of China the trade relationship between the US and China Hasn't gotten back to It's it's it's it's it's former it's former all-time highs, but the trade relationship is certainly getting better On top of that there are some there are sanctions imposed on Venezuela There are sanctions imposed on Iran all of these issues and more recently there's actually been some conflict in Libya So all of these issues Piling together have helped all push higher for the last number of months and I should reach Only yesterday hit a five-month high So if the oil market does manage to push on higher from here, we could be looking heading up towards this level here The early November highs which come into play at 73 spot 53 And if you go beyond that we could be looking heading towards this area here levels not seen since late October 2018 which upper on the 79 77 spot 95 mark If it's if the break crew law market does manage to drift lower We might see some fresh buyers enter the fold because buying on the dip has been a pretty popular strategy We trade it as a product number of months So if we do manage to drift lower from these current levels in around kind of 71 spot 65 Support might be found from this red line here Which is the dirty moving average and that comes to the play at 69 spot 35 if you zoom in here We can see that in the last few Basically in the month of April we can see that the dirty moving average was a fairly important metric It acted as both resistance and on the 1st of April and on a few occasions in early April It managed to act as support and if a metric has acted a support of resistance recently It makes it more likely that it will do so again in the future. Obviously, there are no guarantee. It just makes it more likely If you do manage to drift below that Support might be found from this area here the 68 dollars a barrel mark It's a big psychological number 68 dollars on top of that 60 in around the kind of 68 dollars mark We did see a bit of resistance in the past and even if you drop below that this region might act as support We can see a few a few times the all-market mention five support from this area here Which comes to play at 66 dollars for barrel I thought it really if you have a size with break below that because then we actually begin to be concerned that well Maybe the upper trend that we've been in since ever actually is actually coming to a bit of an end Now if you are training brain crude oil, it's worth keeping an eye on what's going on in West Texas intermediate WTI Down theory tells us that the averages must confirm each other and we're now looking at the WTI chart As you can see here, it's almost almost identical in terms of actually the pattern move for buy a nice series of higher highs and higher lows from December Once again this week WTI printed a fresh five-month high also. So both markets are moving Moving largely and broadly speaking in tandem together and are both are Ratcheting up fresh five-month highs. We can be more confident that brain crude oil is going to continue on its positive run Conversely if both markets must to drift lower and both start to hit, you know Multi-week lows or multi-month lows or take out recent support levels on both markets We then become more confident that the bullish run in oil is over It's worth keeping an eye on any updates from the all-market while recently we've heard that Open that Russia who are not in OPEC, but recently are working alongside OPEC We were recently from Russia that they're considering raising their output at the June meeting of the major oil producers So please keep an eye out for any updates in relation to the oil market And finally if you've any comments to make on this video or any of the other videos We've made here at CMC markets, please feel free to leave review on Google base and that's all for me this week. Thank you very much