MNI: ECB CUTS KEY DEPOSIT RATE BY 25 BP TO 3.0%

MNI BRIEF: China To Keep Stabilising Housing Market - CEWC

MNI BRIEF: China Focus On Boosting Consumption In 2025

MNI BRIEF: China To Cut Rates, Boost Borrowing-Work Conference

MNI China Daily Summary: Thursday, December 12

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: US JOBLESS CLAIMS +17K TO 242K IN DEC 07 WK

MNI: US NOV FINAL DEMAND PPI +0.4%, EX FOOD, ENERGY +0.2%

MNI: CANADIAN OCT BUILDING PERMITS -3.1% MOM

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

(G3) Bear Cycle Extends

BRENT TECHS
  • RES 4: $91.63 - High Nov 17
  • RES 3: $87.20/89.37 - 50-day EMA / High Dec 1
  • RES 2: $83.90 - 20-day EMA
  • RES 1: $80.81 Low Nov 28
  • PRICE: $76.47 @ 06:56 GMT Dec 12
  • SUP 1: $75.11 - Low Dec 8
  • SUP 2: $72.33 - 1.00 proj of the Nov 7 - 28 - Dec 1 price swing
  • SUP 3: $69.28 - Low Dec 20 2021 (cont)
  • SUP 4: $68.31 - 1.236 proj of the Nov 7 - 28 - Dec 1 price swing

The trend condition in Brent futures remains bearish and last week’s strong sell-off reinforces this condition. Price has cleared key support at $79.68, the Sep 26 low and a bear trigger. The break confirms a resumption of the broader downtrend and moving averages are in a bear mode position, highlighting bearish sentiment. The focus is on $72.33 next, a Fibonacci projection. Initial resistance is seen at $80.81, the Nov 28 low.

Energy BulletsCommodities
Energy BulletsCommodities

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.