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Free Access(G4) Trend Direction Remains Down
- RES 4: $91.04 - High Oct 20
- RES 3: $88.55 - High Oct 27
- RES 2: $87.12 - High Nov 3
- RES 1: $84.61 - High Nov 30 and key short-term resistance
- PRICE: $78.09 @ 06:54 GMT Dec 5
- SUP 1: $76.71 - Low Nov 16 and the bear trigger
- SUP 2: $75.07 - 76.4% retracement of the May 4 - Sep 15 bull run
- SUP 3: $73.50 - Low Jul 6
- SUP 4: $71.45 - Low Jun 23
Brent futures peaked at $84.61 last Thursday and the contract has since pulled back. $84.61 has been defined as a key short-term resistance where a break is required to suggest potential for a stronger rally. Note that a break would also confirm a clear breach of resistance at $83.62, the Nov 14 high. The trend direction remains down. A deeper pullback would expose the bear trigger at $76.71, the Nov 16 low.
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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.