 Hello and welcome to the CMC Markets Chart of the week video with myself, Dave Madden, market analyst here at CMC Markets. Today's date is Thursday, the 12th of April, 2018 and the time has just gone 11.40 BST in British summer time. And this week's chart of the week is brain crude oil, the cash market. We'll start off by looking at the weekly chart to begin with. And as we can see, since January 2016 the oil market has been in recovery mode and yesterday it hit a level not seen since November 2014. This was in the back of the news that Saudi Arabia intercepted a couple of missiles that came from Yemen and the concerns, the heightened tensions in the Middle East prompt the traders to be fearful about the future oil supplies and that's why that's a draw of brain crude oil to its highest level in a number of years. And if we look at the weekly chart of the vast number of years and actually the superimposed and we use the tool, the Fibonacci Retracement Indicator, which can be found here under draw tools. And this one here beside ABC, what we can see is that going from the highs of 2014 to the lows of 2016, the Fibonacci Retracement shows that the market has actually recrubed just over 50% of that downward low. So the market has recovered just over 50% of the ground loss between the highs of 2014 and the lows of 2016. This is a bullish indicator. It's suggesting the market is recovering ground and we could look to push on higher from here potentially. I take a look now at the market on a daily chart. And this dotted line you can see along here is a 50% retracement level, which we're still just about holding above. And if you look at the price action over the last number of months, it's a classic example of an upward trend, higher highs and higher lows. Granted, we had a decent sell-off in February. But given that the previous separate months was quite bullish, we didn't manage to continue the wider upward trend. So as the market was pushing higher here, particularly in the middle of March, we can see that being confirmed by a distinct increase in the MACD indicator. The momentum is still with the buyers, which confirmed the upward move. If we did manage to push on higher from here, we could be looking at targeting 76, 10, 11 I'd seen since late 2014. And if you go beyond that, the next big lever to keep an eye on for will be the psychologically important $80 per barrel. If you do manage to drift lower though, because you've had such a long history in recent months and years of the market pushing higher, we could see some fresh buyers enter the fold. So even if we do drift down to say $71 region or perhaps a $69 region where we see some consolidation, we could see fresh buyers enter the fold. Possibly even down as low as this area here, where the 50-day moving average is nearly converging with the 100-day moving average. And that comes into play in around $66.90. So given that we have such a long history, basically, of an upward trend, and you can move to the downside, even if you have a deeper tradesman, we could see a bargain under us enter the fold. We don't need to be worried about the market fully turning over on itself. If you take off the February lows, we should come into play in around the 62 area. If you go south of 62, that would create a fresh low for 2018, and it could put further losses. And if you go south of 62, it could take us back to the psychologically important $60 per barrel. Well, that's all for me this week. Thank you very much.