Free Trial

BRENT TECHS: (F20): Breaches Trendline Support.......>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: (F20): Breaches Trendline Support
*RES 4: $63.49 - High Sep 19
*RES 3: $62.36 - 50.0% retracement of Sep 16 - Oct 3 decline
*RES 2: $62.09 - High Oct 29 and bull trigger
*RES 1: $61.55 - High Oct 30
*PRICE: $59.64 @ 06:28 BST Nov 1
*SUP 1: $59.20 - Low Oct 31 and intraday bear trigger
*SUP 2: $58.67 - Low Oct 23
*SUP 3: $57.97 - Low Oct 21
*SUP 4: $56.90 - Low Oct 8
BRENT extended this week's sell-off yesterday, breaching a number of supports
along the way. The most significant of these has been the move below trendline
support drawn off Sep 3 low that intersected at $59.58 yesterday. The breach
signals scope for a deeper pullback towards support at $57.97, Oct 21 low.
Clearance of this support would in turn expose $56.90. Prices need to get above
$62.09, Monday's high reinstate a bullish theme.

To read the full story

Close

Why MNI

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.