MNI BRIEF: PBOC Held Gold Purchases In Aug, Forex Reserves Rose

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 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

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

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: (X4) Trades Through The Bear Trigger 

BRENT TECHS
Energy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $86.24 - High Jul 5
  • RES 3: $83.50 - 76.4% retracement of the Jul 5 - Aug 5 bear leg
  • RES 2: $80.53/81.46 - High Aug 26 / 12 and key resistance
  • RES 1: $78.32 - 20-day EMA     
  • PRICE: $74.52 @ 14:40 BST Sep 3
  • SUP 1: $73.16 - Low Dec 13 2023 and a key support 
  • SUP 2: $70.35 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $68.99 - 1.50 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $67.63 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing  

Brent futures have traded sharply lower today and this has resulted in a break of support at $74.62, the Aug 5 low and a bear trigger. The break confirms a resumption of the downtrend that started in April and paves the way for an extension towards $73.16, the Dec 13 ‘23 low and a key support. Moving average studies remain in a bear-mode position highlighting a dominant downtrend. Initial resistance is at $78.32, the 20-day EMA.

183 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: $86.24 - High Jul 5
  • RES 3: $83.50 - 76.4% retracement of the Jul 5 - Aug 5 bear leg
  • RES 2: $80.53/81.46 - High Aug 26 / 12 and key resistance
  • RES 1: $78.32 - 20-day EMA     
  • PRICE: $74.52 @ 14:40 BST Sep 3
  • SUP 1: $73.16 - Low Dec 13 2023 and a key support 
  • SUP 2: $70.35 - 1.382 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $68.99 - 1.50 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $67.63 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing  

Brent futures have traded sharply lower today and this has resulted in a break of support at $74.62, the Aug 5 low and a bear trigger. The break confirms a resumption of the downtrend that started in April and paves the way for an extension towards $73.16, the Dec 13 ‘23 low and a key support. Moving average studies remain in a bear-mode position highlighting a dominant downtrend. Initial resistance is at $78.32, the 20-day EMA.