Free Trial

ICE BRENT: (K18) $63.19 & $67.67 Levels...>

OIL TECHS
OIL TECHS: ICE BRENT: (K18) $63.19 & $67.67 Levels Key This Week
*RES 4: $67.67 - High Feb 26 
*RES 3: $66.81 - Hourly resistance Feb 27 
*RES 2: $66.47 - 55-DMA 
*RES 1: $66.38 - Daily Bear channel top off 2018 high
*PRICE: $65.61 @ 0340GMT
*SUP 1: $65.43 - Hourly resistance Mar 9 now support 
*SUP 2: $64.90 - Alternating hourly support/resistance 
*SUP 3: $64.11 - Hourly resistance Mar 9a now support 
*SUP 4: $63.44 - Low Mar 8
*COMMENTARY: Bulls take comfort in the recovery from dips below the 100-DMA
($64.20) that sees focus return to the $66.38-67.67 region where the bear
channel top and 55-DMA are situated. Bulls still need a close above $67.67 to
shift focus back to $69.72-70.35 where 2018 highs are situated. The $63.19
support is key this week with bears needing a close below to initially target
$59.18-61.48.

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.