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Free AccessBRENT TECHS: (N20): Consolidating But Remains........>
BRENT TECHS: (N20): Consolidating But Remains Bullish
*RES 4: $35.60 - High Apr 14
*RES 3: $34.14/27 - 50-day EMA / High Apr 15
*RES 2: $33.75 - 76.4% retracement of the Apr 9 - 22 sell-off
*RES 1: $32.27 - High May 6 and bull trigger
*PRICE: $30.59 @ 06:44 BST May 11
*SUP 1: $28.66 - Low May 6
*SUP 2: $27.77 - Low May 5 and key intraday support
*SUP 3: $25.50 - Low May 4
*SUP 4: $24.41 - Low Apr 30
Brent futures last week on May 6 stalled at $32.27. Despite the recent pullback,
a bullish theme remains in place for now. Futures have recently cleared the
20-day EMA reinforcing a bullish cycle. This follows the recent break of $26.98,
Apr 23 high that confirmed a short-term reversal. Attention is on $33.75, 76.4%
of the Apr 9 - 22 decline and $34.14, the 50-day EMA. The average is a key
resistance area. Initial firm support is at $27.77.
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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.