Free Trial

(F2) Approaching Key Resistance

  • RES 4: $90.00 - Psychological round number
  • RES 3: $87.73 - 2.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 2: $87.00 - Round number resistance
  • RES 1: $85.77 - High Oct 25 and the bull trigger
  • PRICE: $85.29 @ 06:59 GMT Nov 10
  • SUP 1: $82.94/80.20 - 20-day EMA / Low Nov 4
  • SUP 2: $79.66 - 50-day EMA
  • SUP 3: $78.42 - Low Oct 7
  • SUP 4: $75.80 - Low Sep 30

Brent futures have continued their climb this week and the contract is approaching key resistance and the bull trigger at $85.77, Oct 25 high. A break of this level would confirm a resumption of the underlying uptrend and resume the bullish price sequence of higher highs and higher lows. This would open $87.73, a Fibonacci projection. On the downside, key short-term support has been defined at $80.20 Nov 4 low.

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.