Free Trial

ICE BRENT: (F18) $62.87 Support Remains...>

OIL TECHS
OIL TECHS: ICE BRENT: (F18) $62.87 Support Remains Key
*RES 4: $68.49 - High May 7 
*RES 3: $66.36 - Monthly High June 10 2015 
*RES 2: $66.11 - 200-WMA 
*RES 1: $64.65 - 2017 High Nov 7
*PRICE: $63.68 @ 0320GMT
*SUP 1: $62.87 - Hourly support Nov 6a 
*SUP 2: $62.08 - Low Nov 6 
*SUP 3: $61.70 - High Nov 1 now support 
*SUP 4: $61.14 - Hourly resistance Nov 3 now support
*COMMENTARY: Fresh 2017 and 2+ year highs continue although follow through
remains lacking which is a concern when combined with momentum divergence and
O/B studies looking to correct. Bears continue to look for a close below $62.87
to ease bullish pressure and below $61.70 to hint at a correction back to
$59.29-82. While $62.87 supports bulls remain focused on a test of the 200-WMA.

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.