Free Trial

ICE BRENT: (G18) Bull Channel Base........>

OIL TECHS
OIL TECHS: ICE BRENT: (G18) Bull Channel Base Reconfirms Significance
*RES 4: $63.98 - Bollinger band top 
*RES 3: $63.56 - Hourly resistance Dec 4a 
*RES 2: $63.15 - High Dec 5 
*RES 1: $62.59 - Hourly resistance Dec 6, 21-DMA
*PRICE: $62.18 @ 0330GMT
*SUP 1: $61.73 - Hourly support Dec 7 
*SUP 2: $61.29 - Daily Bull channel base 
*SUP 3: $61.00 - Low Nov 17 
*SUP 4: $59.90 - 55-DMA
*COMMENTARY: The correction lower from the failure ahead of $64.41 last week has
bounced from the daily bull channel base, reconfirming significance. Bulls
continue to look for a close above $63.15 to regain the upper hand and initially
target $64.41 Nov highs. The $61.00 support remains key with bears needing a
close below to confirm a break of the channel base and shift initial focus to
$58.99-59.90 where the 55-DMA is noted.

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.