Free Trial

BRENT TECHS: (J20): Downtrend Remains Intact *RES....>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: (J20): Downtrend Remains Intact
*RES 4: $61.92 - High Jan 23
*RES 3: $59.84 - High Jan 29 and key near-term resistance
*RES 2: $56.58 - High Feb 6 and key resistance
*RES 1: $55.40 - High Feb 7
*PRICE: $54.88 @ 06:30 GMT Feb 12
*SUP 1: $53.11 - Low Feb 10
*SUP 2: $50.87 - 123.6% retracement projection of the Oct 3 - Jan 8 rally
*SUP 3: $50.00 - Round number support
*SUP 4: $48.49 - 138.2% retracement projection of the Oct 3 - Jan 8 rally
BRENT registered a fresh trend low print on Monday at 53.11. A downtrend remains
firmly intact following this year's sharp decline. The break lower Monday
confirmed a resumption of the downtrend and paves the way for weakness towards
$50.87 next, a Fibonacci retracement projection. On the upside, a key resistance
has been defined at $56.58, Feb 6 high where a break is required suggest a
near-term base.

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.