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Free AccessBRENT TECHS: (H20): Trades Above Key Resistance......>
BRENT TECHS: (H20): Trades Above Key Resistance
*RES 4: $69.28 - 2.382 projection of Nov 20 - Nov 27 rally from Dec 3 low
*RES 3: $68.00 - Round number resistance
*RES 2: $67.73 - 2.00 projection of Nov 20 - Nov 27 rally from Dec 3 low
*RES 1: $67.59 - High Dec 30
*PRICE: $66.60 @ 06:30 GMT Dec 31
*SUP 1: $65.83 - High Dec 19
*SUP 2: $64.80 - Low Dec 20 and key near-term support
*SUP 3: $63.56 - Low Dec 13
*SUP 4: $62.16 - Low Dec 11 and initial key support
BRENT traded in a choppy manner yesterday however the outlook remains bullish.
Futures have continued to extend gains this month, maintaining the strong rally
that started on Oct 3. Price yesterday also traded above key resistance at
$67.09, Sep 16 high. A clear breach of this resistance would further reinforce
the bullish theme and pave the way for strength towards $67.73, a Fibonacci
projection and the $68.00 handle. Initial support is seen at $65.83.
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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.