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BRENT TECHS: (J20): Downtrend Remains Intact *RES....>
BRENT TECHS: (J20): Downtrend Remains Intact
*RES 4: $64.14 - High Jan 20 and key near-term resistance
*RES 3: $63.81 - High Jan 22
*RES 2: $61.92 - HIgh Jan 23
*RES 1: $59.84 - High Jan 29
*PRICE: $58.19 @ 06:28 GMT Jan 31
*SUP 1: $56.74 - Low Jan 30
*SUP 2: $56.21 - Low Oct 10
*SUP 3: $55.89 - Low Oct 8
*SUP 4: $54.71 - Low Oct 3 and primary support
BRENT traded lower yesterday breaching former support at $57.74, the Jan 27 low.
This confirms a resumption of the downtrend with more weakness likely near-term.
Recent sharp losses are still seen weighing on sentiment and we've yet to see a
meaningful correction unfold as bearish conditions dominate. Attention is on
$57.21 next, the Oct 10 low. Initial resistance is at $59.84, Jan 29 high.
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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.