MNI: ECB CUTS KEY DEPOSIT RATE BY 25 BP TO 3.0%

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

MNI BRIEF: China To Cut Rates, Boost Borrowing-Work Conference

MNI China Daily Summary: Thursday, December 12

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI: US NOV FINAL DEMAND PPI +0.4%, EX FOOD, ENERGY +0.2%

MNI: CANADIAN OCT BUILDING PERMITS -3.1% MOM

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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

BRENT TECHS: (X4) Resistance At The 50-Day EMA Remains Intact

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $82.10 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 3: $80.53 - High Aug 26
  • RES 2: $77.46 - 50.0% retracement of the Jul 5 - Sep 10 bear leg
  • RES 1: $75.94 - 50-day EMA      
  • PRICE: $72.91 @ 07:01 BST Sep 30
  • SUP 1: $70.72/68.68 - Low Sep 26 / 10 and the bear trigger   
  • SUP 2: $67.63 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $65.95 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.24 - 2.00 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

A bearish condition in Brent futures remains intact and last week’s move lower reinforces this theme. A key resistance at $75.94, the 50-day EMA, remains intact. A continuation lower would expose support at $68.68, the Sep 10 low and the bear trigger. Clearance of this level would open $67.63, a Fibonacci projection. On the upside, a clear break of the 50-day EMA is required to signal a potential stronger reversal.

182 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: $82.10 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 3: $80.53 - High Aug 26
  • RES 2: $77.46 - 50.0% retracement of the Jul 5 - Sep 10 bear leg
  • RES 1: $75.94 - 50-day EMA      
  • PRICE: $72.91 @ 07:01 BST Sep 30
  • SUP 1: $70.72/68.68 - Low Sep 26 / 10 and the bear trigger   
  • SUP 2: $67.63 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $65.95 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.24 - 2.00 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

A bearish condition in Brent futures remains intact and last week’s move lower reinforces this theme. A key resistance at $75.94, the 50-day EMA, remains intact. A continuation lower would expose support at $68.68, the Sep 10 low and the bear trigger. Clearance of this level would open $67.63, a Fibonacci projection. On the upside, a clear break of the 50-day EMA is required to signal a potential stronger reversal.