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Free AccessBRENT TECHS: (M19): Weak Close Suggests Caution......>
BRENT TECHS: (M19): Weak Close Suggests Caution
*RES 4: $80.66 - High Oct 17, 2018
*RES 3: $77.35 - High Oct 26, 2018
*RES 2: $76.42/43 - 76.4% retracement / High Jul 10, 2018
*RES 1: $75.60 - High Apr 25
*PRICE: $74.19 @ 05:38 GMT Apr 26
*SUP 1: $70.74/75 - Low Apr 16/uptrend support from Dec low
*SUP 2: $69.04/68.87/68.90 - 200-dma/Low Apr 4/uptrend from Feb lows
*SUP 3: $68.03 - 55-dma
*SUP 4: $65.89 - Low March 28
Brent futures broke to fresh highs yesterday hitting $75.60 but the weak close
is cause for caution. Bears now look to up trendline support from the Dec low
and the April 16 low at $70.74. Below here would suggest a downside reversal to
the $69.04/68.87/68.90 area marking the 200-dma/April 4 low/uptrend support from
the Feb lows. Bulls focus is on yesterday's high with a break extending the
rally towards the the 74.6% retracement/July 10 high at $76.42/43.
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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.