Free Trial

(G2) Testing $80/bbl Handle

BRENT TECHS
  • RES 4: $82.34 - High Nov 11
  • RES 3: $81.88 - High Nov 24
  • RES 2: $80.42 - High Nov 26
  • RES 1: $80.17 - High Dec 29
  • PRICE: $79.02 @ 08:15 GMT Dec 30
  • SUP 1: $73.62 - Low Dec 22
  • SUP 2: $69.28 - Low Dec 20
  • SUP 3: $65.72 - Low Dec 2 and the bear trigger
  • SUP 4: $62.95 - Low Aug 23 and a key support

Brent futures maintain the post-Christmas bullish theme following the reversal from $69.28, the Dec 20 low. The Dec27 rally puts a test of the $80/bbl handle within range, with an extension through here opening 80.42 and 81.88. Note too that the contract is trading above the 50-day EMA. Key support is $69.25.

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.