Free Trial

BRENT TECHS: (V19): Increasingly Bearish Outlook.....>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: (V19): Increasingly Bearish Outlook
*RES 4: $62.95/20 - High Aug 2/ Channel bottom
*RES 3: $62.30 - 50% retracement of Aug 1 decline
*RES 2: $61.56 - High Aug 5
*RES 1: $59.66/74 - Low Aug 5/ 61.8% retracement of Dec 2018-April 2019 rally/
*PRICE: $58.91 @ 07:08 BST Aug 7
*SUP 1: $57.13 - Low Jan 8 (continuation)
*SUP 2: $55.99 - 76.4% retracement of Dec 2018-April 2019 rally
*SUP 3: $52.51 - Low Jan 2 (YTD low) (continuation)
*SUP 4: $49.93 - Low Dec 26 2018 (2018 low) (continuation)
The near-term technical outlook for Brent futures continues to look increasing
bearish with Brent futures trading at their weakest levels since January. This
brings the 76.4% Fibonacci retracement from the April highs back to the December
2018 lows at $55.99 into play ahead. Below here lies the 2018 low of $49.93.
Bulls need to break back into the prior trend channel (whose bottom comes in at
$63.20) to change the outlook.

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.