Free Trial

ICE BRENT: (G18) Bears Need Close Below...>

OIL TECHS
OIL TECHS: ICE BRENT: (G18) Bears Need Close Below $61.00
*RES 4: $65.27 - Bollinger band top 
*RES 3: $64.41 - High Nov 8 
*RES 2: $63.08 - High Nov 14 
*RES 1: $62.73 - High Nov 17
*PRICE: $62.39 @ 0430GMT
*SUP 1: $62.16 - Hourly resistance Nov 17 now support 
*SUP 2: $61.21 - 21-DMA 
*SUP 3: $61.00 - Low Nov 17 
*SUP 4: $59.67 - Low Oct 30
*COMMENTARY: Bears take comfort in the correction from $64.41 finding support
around the 21-DMA. Bears now look for a close below $61.00 to confirm a break of
the 21-DMA, ending bullish hopes and shifting initial focus to $58.99-59.67.
Daily studies have corrected back to more neutral levels. Bulls continue to look
for a close above $63.08 to reconfirm initial focus on $64.41 and overall focus
on the 200-WMA ($65.90).

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.