Free Trial

BRENT TECHS: (N20): Stalls At Yesterday's High.......>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: (N20): Stalls At Yesterday's High
*RES 4: $40.00 - Psychological round number
*RES 3: $38.31 - High Apr 2 and key resistance
*RES 2: $38.00 - High Apr 9
*RES 1: $36.98 - High May 21
*PRICE: $34.01 @ 06:30 BST May 22
*SUP 1: $32.27 - High May 6 and former breakout level
*SUP 2: $31.46 - 20-day EMA
*SUP 3: $30.94 - Low May 15
*SUP 4: $28.66 - Low May 6
Brent futures found resistance at Thursday's $36.98 high and have continued to
retrace lower overnight. Today's weakness appears to highlight the most
significant bearish threat to the recent strong uptrend. Futures have trade
below support at $34.20, May 19 low and attention turns to $32.27, the May 6
high and former breakout level. Despite the move lower the trend for now remains
up, a break of $36.98, May 21 high would confirm a resumption of gains.

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.