Free Trial

ICE BRENT: (G18) Aggressively Rejected....>

OIL TECHS
OIL TECHS: ICE BRENT: (G18) Aggressively Rejected Above 200-WMA
*RES 4: $66.36 - High June 11 2015 
*RES 3: $65.83 - High Dec 12 
*RES 2: $64.93 - Alternating support/resistance 
*RES 1: $64.26 - Hourly support Dec 12 now resistance
*PRICE: $63.93 @ 0430GMT
*SUP 1: $62.99 - Low Dec 11 
*SUP 2: $62.82 - 21-DMA 
*SUP 3: $61.73 - Hourly support Dec 7, Daily Bull channel base 
*SUP 4: $61.00 - Low Nov 17
*COMMENTARY: The aggressive rejection above the 200-WMA ($65.47) Tuesday didn't
quite result in a bearish key day reversal but layers of resistance accumulating
is adding weight to the bearish case for a test of the $61.00-92 region where
the bull channel base is noted. Bulls now need a close above $64.93 to retain
focus on the $65.83-68.16 region where the 200-WMA and bull channel top ($68.16)
are located.

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.