Free Trial

BRENT TECHS: (Z19): Focus Is On Bullish Bounce.......>

BRENT TECHS: (Z19): Focus Is On Bullish Bounce
*RES 4: $63.24 - 50.0% retracement of Sep 16 - Oct 3 decline
*RES 3: $61.92 - High Sep 26 and key resistance
*RES 2: $61.56 - 38.2% retracement of Sep 16 - Oct 3 decline
*RES 1: $60.73 - High Oct 14
*PRICE: $58.83 @ 06:38 BST Oct 16
*SUP 1: $58.00 - Low Oct 15
*SUP 2: $57.38 - Low Oct 8 and key intraday support
*SUP 3: $56.15 - Low Oct 3 and key support
*SUP 4: $55.31 - Low Aug 7
BRENT managed to find support off the day low yesterday. This offers an early
signal the recent selling pressure has abated. A bullish outlook remains intact
with the focus on Monday's high of $60.73. A break here would reinforce the
near-term bullish outlook and open the 38.2% retracement at $61.56 and the 50%
level at $63.24. For bulls, prices need to hold above firm support at $57.38,
Oct 8 low. A failure would expose the key support at $56.15.

To read the full story



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.