Free Trial

(G1) Bull Trend Conditions Dominate

BRENT TECHS
  • RES 4: $56.32 - 1.382 proj of the Nov 16 - 25 rally from Dec 2 low
  • RES 3: $54.65 - 1.236 proj of the Nov 16 - 25 rally from Dec 2 low
  • RES 2: $53.15 - 1.000 proj of the Nov 16 - 25 rally from Dec 2 low
  • RES 1: $52.00 - Round number resistance
  • PRICE: $51.27 @ 06:32 GMT Dec 18
  • SUP 1: $49.13 - Low Dec 14
  • SUP 2: $48.09 - Low Dec 8 and the key support
  • SUP 3: $46.82 - Low Dec 2
  • SUP 4: $45.00 - Low Nov 23

Brent futures resumed their uptrend this week. The break higher reinforces bullish conditions and maintains the positive price sequence of higher highs and higher lows that defines an uptrend with moving average studies also in a bull mode condition. Price has reached the $51.66 objective and attention turns to $52.00 next and $53.15, a fibonacci projection. On the downside, firm support is seen at $49.13, low Dec 14.

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.