Free Trial

(F4) Bear Cycle Extends

BRENT TECHS
  • RES 4: $98.99 - 1.00 proj of Jun 23 - Aug 10 - Aug 24 price swing
  • RES 3: $93.20 - High Sep 28 and the bull trigger
  • RES 2: $89.49/92.32 - High Oct 24 / 20
  • RES 1: $82.20/87.80 - Low Oct 6 / High Nov 3 and key S/T resistance
  • PRICE: $80.07 @ 07:01 GMT Nov 9
  • SUP 1: $79.20 - Low Nov 8
  • SUP 2: $78.89 - 61.8% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $77.21 - Low Jul 17
  • SUP 4: $75.51 - 76.4% retracement of the May 4 - Sep 28 bull run

Brent futures have traded sharply lower this week. The sell-off has resulted in a break of support at $82.20, the Oct 6 low and a bear trigger. This strengthens the current bear cycle and exposes $78.89 next, a Fibonacci retracement point. Clearance of this level would pave the way for an extension towards $77.21, the Jul 17 low. On the upside, initial firm resistance has been defined at $87.80, the Nov 3 high.

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.