Free Trial

ICE BRENT: (M18) Hesitating Around........>

OIL TECHS
OIL TECHS: ICE BRENT: (M18) Hesitating Around 55-DMA, 21-DMA Support Key
*RES 4: $69.36 - High Feb 2 
*RES 3: $67.40 - High Feb 26 
*RES 2: $67.06 - Bollinger band top 
*RES 1: $66.18 - 55-DMA
*PRICE: $64.86 @ 0340GMT
*SUP 1: $65.65 - Hourly support Mar 19 
*SUP 2: $65.16 - 21-DMA 
*SUP 3: $64.45 - Low Mar 15 
*SUP 4: $63.92 - Low Mar 14
*COMMENTARY: Support around the 100-DMA ($64.41) provided the base for a
marginal pop above the 55-DMA Friday although follow through has been lacking.
Bulls look for a close above the 55-DMA to confirm initial focus on $67.40 with
the Bollinger top their key concern. Bears now need a close below the 21-DMA to
ease pressure on the 55-DMA and below $62.52 to confirm focus on $60.43-61.21
where 2018 lows are situated.

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.