Free Trial

BRENT TECHS: ICE BRENT(V19): Firmer this week but....>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: ICE BRENT(V19): Firmer this week but still bearish overall
*RES 4: $62.67/95 - Trendline resistance drawn off the Jul 11 high / High Aug 2
*RES 3: $61.55/78- 50-day EMA / 61.8% retracement of the Jul 31
*RES 2: $61.41/50 - High Aug 21 / High Aug 13 and key resistance
*RES 1: $61.00 - High Aug 28
*PRICE: $60.15 @ 06:06 BST Aug 29
*SUP 1: $58.24 - Low Aug 26
*SUP 2: $57.67 - Low Aug 15 and key near-term support
*SUP 3: $57.11 - Low Aug 9
*SUP 4: $55.88 - Low Aug 7 and key bear trigger
Brent remains bearish despite pushing higher this week. The rejection of the Aug
21 high of $61.41 and subsequent sell-off confirmed a number of bearish set-ups
that suggest an end to the corrective recovery between Aug 7 - Aug 13. These
were, a bearish shooting star (inverted hammer) candle on Aug 21, and the
failure to clear $61.50. The focus is on the $57.67, Aug 15 low where a break
would open $55.88. Gains above $61.50 would alter the technical picture.

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.