Free Trial

ICE BRENT: (G18) $61.92 Support...........>

OIL TECHS
OIL TECHS: ICE BRENT: (G18) $61.92 Support Confirms Significance
*RES 4: $65.76 - 200-WMA 
*RES 3: $64.45- Bollinger band top 
*RES 2: $64.41 - High Nov 8 
*RES 1: $63.58 - High Nov 27
*PRICE: $62.72 @ 0430GMT
*SUP 1: $62.39 - Hourly resistance Nov 29 now support 
*SUP 2: $61.92 - Low Nov 21 
*SUP 3: $61.00 - Low Nov 17 
*SUP 4: $60.40 - Daily Bull channel base
*COMMENTARY: The sell-off Wednesday saw the contract dip to test the $61.92
support before recovering to flirt with the 21-DMA ($62.70) once more. Bulls now
need a close above $63.58 to regain the upper hand and return initial focus to
$64.41 and overall focus to the 200-WMA. Bears now look for a close below $61.92
to confirm traction below the 21-DMA and shift immediate focus to $61.00.

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.