Free Trial

(G4) Corrective Bounce

BRENT TECHS
  • RES 4: $88.55 - High Oct 27
  • RES 3: $87.12 - High Nov 3
  • RES 2: $84.61 - High Nov 30 and key short-term resistance
  • RES 1: $79.04/81.72 - 20- and 50-day EMA
  • PRICE: $76.58 @ 07:01 GMT Dec 12
  • SUP 1: $73.50 - Low Jul 6
  • SUP 2: $71.45 - Low Jun 23
  • SUP 3: $69.86 - Low May 4 and a key support
  • SUP 4: $66.90 - 1.236 proj of the Oct 20 - Nov 16 - 30 price swing

A bear threat in Brent futures remains present. A sharp sell-off last week reinforced a bearish theme. The contract cleared support at $76.71, the Nov 16 low. This confirmed a resumption of the downtrend and marks an extension of the sequence of lower lows and lower highs. Price has traded through $75.00 and sights are set on $73.50, the Jul 6 low. Initial firm resistance is at $79.04, the 20-day EMA. Gains are considered corrective.

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.