Free Trial

BRENT TECHS: (V18) Recoveries Lack Momentum *RES.....>

BRENT TECHS: (V18) Recoveries Lack Momentum
*RES 4: $75.79 - High July 30 
*RES 3: $74.87 - High Aug 8 
*RES 2: $74.43 - 55-DMA 
*RES 1: $73.93 - High Aug 14 
*PRICE: $72.22 @ 05:06 GMT 
*SUP 1: $70.30 - Low August 15 
*SUP 2: $69.64 - Low April 18 
*SUP 3: $69.06 - High April 10 now support 
*SUP 4: $68.90 - 200-DMA 
While Brent managed to trade above Friday's high yesterday it has failed to hold
its gains and the rise appears corrective in nature. The August 14 high of
$73.93 remains a key hurdle for the bulls to overcome if they are to regain the
momentum. Below this level bears will remain focused on the August 15 low at
$70.30 and the 200-dma, which comes in at $68.90. A break below here would shift
the medium-term outlook bearish.

To read the full story



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.