Free Trial

BRENT TECHS: (X18)Hesitation Ahead Of Channel Top....>

BRENT TECHS, DOLLAR-SING
BRENT TECHS: (X18)Hesitation Ahead Of Channel Top
*RES 4: $80.00 - Resistance 
*RES 3: $79.15 - High May 22 
*RES 2: $79.00 - High July 10 
*RES 1: $78.65 - Bear channel top 
*PRICE: $77.40 @ 04:24 GMT 
*SUP 1: $74.71 - 55-dma 
*SUP 2: $74.24 - 21-dma 
*SUP 3: $70.67 - Low August 15 
*SUP 4: $69.24 - Low April 18 
Brent's strong rally is losing momentum as prices approach the bear channel top
and the July 10 and May 22 highs. A break above $78.65 is needed to reignite
bullish momentum and trigger another leg higher as the contract moves into
multi-year high territory. Bears need to break back below the 55-dma at $74.71
and the 21-dma at $74.21 to take some pressure off and potentially shift the
focus lower to target the August 15 low at $70.67.

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.