Free Trial

BRENT TECHS: (Q20): Holding Above Trendline..........>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: (Q20): Holding Above Trendline Support
*RES 4: $45.98 - Low Mar 6 and gap high on the daily chart
*RES 3: $45.20 - 50.0% retracement of the Jan - Apr sell-off
*RES 2: $41.89 - Mar 11 high and Gap low on the daily chart
*RES 1: $40.53 - High Jun 3
*PRICE: $40.17 @ 06:58 BST Jun 5
*SUP 1: $37.24 - High May 26
*SUP 2: $36.89 - Trendline support drawn off the Apr 22 low
*SUP 3: $33.94 - Low May 22 and key support
*SUP 4: $33.22 - High May 6 and former breakout level
Brent futures maintain a bullish tone. Price has this week traded above
resistance at $39.77, Apr 2 high and the psychological $40.00 level. This
reinforces underlying bullish conditions and attention shifts to $41.89, Mar 11
high and a gap low on the daily chart. Trendline support drawn off the Apr 22
low remains intact reinforcing current trending conditions. The trendline
intersects at $36.89 and marks an important support.

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.