MNI: WILLIAMS SAYS JOBS DATA CONSISTENT WITH SLOWING ECONOMY

MNI BRIEF: US Aug Jobs Confirm Fed Rate Cut; U-Rate 4.2%

MNI: BLS: NET PAYROLLS REVISIONS FOR JUNE, JULY -86K

MNI: BLS: NET PAYROLLS REVISIONS FOR JUNE, JULY -86K

MNI China Daily Summary: Friday, September 6

MNI BRIEF: China To Address Consumption In Next Five-year Plan

EZ/UK Bond Supply Calendar: EU Syndication; BoE APF Due Monday

CANADA AUG IVEY PURCHASING MANAGERS INDEX 48.2 SA

US AUG AVERAGE HOURLY EARNINGS +0.4% Vs JUL +0.2%; +3.8% YOY

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BRENT TECHS: (V4) Move Lower Exposes Key Support

BRENT TECHS
Energy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $88.44 - High Apr 12 and a medium-term bull trigger
  • RES 3: $87.05 - High Jul 5 
  • RES 2: $84.22 - 76.4% retracement of the Jul 5 - Aug 5 low 
  • RES 1: $79.70/82.40 - 20-day EMA / High Aug 12 and key resistance     
  • PRICE: $77.04 @ 07:01 BST Aug 21
  • SUP 1: $75.05 - Low Aug 5 and a key support  
  • SUP 2: $74.96 - Low Feb 5
  • SUP 3: $73.31 - Low Dec 13 2023 and a key support
  • SUP 4: $67.60 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing   

Brent futures continue to trade below their recent highs and the contract maintains a softer tone following the recent reversal lower. The extent of the pullback undermines a recent bullish theme and instead, the move signals scope for a test of key support at $75.05, the Aug 5 low. A break of this level would confirm a resumption of the bear leg that started Apr 12. Initial firm resistance is seen at $79.70, the 20-day EMA.

173 words

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.
  • RES 4: $88.44 - High Apr 12 and a medium-term bull trigger
  • RES 3: $87.05 - High Jul 5 
  • RES 2: $84.22 - 76.4% retracement of the Jul 5 - Aug 5 low 
  • RES 1: $79.70/82.40 - 20-day EMA / High Aug 12 and key resistance     
  • PRICE: $77.04 @ 07:01 BST Aug 21
  • SUP 1: $75.05 - Low Aug 5 and a key support  
  • SUP 2: $74.96 - Low Feb 5
  • SUP 3: $73.31 - Low Dec 13 2023 and a key support
  • SUP 4: $67.60 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing   

Brent futures continue to trade below their recent highs and the contract maintains a softer tone following the recent reversal lower. The extent of the pullback undermines a recent bullish theme and instead, the move signals scope for a test of key support at $75.05, the Aug 5 low. A break of this level would confirm a resumption of the bear leg that started Apr 12. Initial firm resistance is seen at $79.70, the 20-day EMA.