BRENT CRUDE - WEEKLY CONTINUATION CHART: The May fall was marked by a Key Reversal Week and Month (latter not shown here).

Good support came from around the 38.2% pullback level, but in the Climate & Energy and Commodity Specialist Guides we have maintained our expectations of a further bear leg.

BRENT CRUDE - DAILY CHART OCT-10: The summer consolidation looks to have completed a simple/standard up-down-up shape.

The break of a small channel base projection is an initial negative sign now - a further one would a close below the 71.50 06-Jul low.

We can then target the 61.00 area, where an equality target resides (May downleg extended off 83.09 04-Aug high). A bear channel base projection also currently runs through here.

The whole picture would change markedly should price recover through that 83.09 high.

US LIGHT CRUDE - DAILY CHART OCT-10:

On the US Crude chart the 06-Jul low, 72.15, has already been breached.

Eyes are now swivelling towards the equality target, again at 61.00, and bear channel base projection.