Free Trial

Brent Clears Major Resistance As Powell Resists A Hawkish Surprise

  • Crude oil prices have jumped circa 3.5% today after Powell stuck to the message of the prepared remarks for the Senate hearing of his nomination, with no hawkish surprises.
  • Brent is +3.6% at $83.77, clearing major resistance of $83.69 (Oct 10 high) as it next eyes the $84 round number resistance and then $84.5 (1.382 proj of the Dec 2-9-20 price swing). Support is seen at $78.36, the 20-day EMA.
  • The most active strikes in the Mar’22 contract today have been $85/bbl calls and $90/bbl calls.
  • WTI is +3.9% at $81.3. Resistance is seen at $81.73 (Nov 10 high) after which it opens major resistance at the Oct 25 high of $82.13. Support is materially lower at $75.54 (20-day EMA).
  • Gold meanwhile is up +1% at $1820.1, clearing initial resistance of $1811.6 (Jan 6 high) with the next level $1849.1 (Nov 22 high). Support had previously been seen at the base of a bull channel drawn from the Aug 9 low that intersects at $1784.

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.