Brent Oil ETF on the Rise

Looking at the U.S. Brent Oil Fund ETF (BNO), all of the action off of last Thursday's high at 82.56 represents a high-level bullish consolidation area that ended yesterday. The pattern is resolving itself to the upside in a thrust towards 84-84.50 next.

At this juncture, only a downside reversal and decline that breaks 81.40 will compromise the timing of the upside continuation.