Free Trial

ICE BRENT: (Q18) Bulls Need Close Above...>

OIL TECHS
OIL TECHS: ICE BRENT: (Q18) Bulls Need Close Above 21-DMA
*RES 4: $78.13 - Low May 21 now resistance 
*RES 3: $77.55 - Low May 16 now resistance 
*RES 2: $76.91 - 21-DMA 
*RES 1: $76.23 - High May 29
*PRICE: $75.03 @ 0430GMT
*SUP 1: $74.53 - Low May 28 
*SUP 2: $72.75 - Bollinger band base 
*SUP 3: $72.27 - 55-DMA 
*SUP 4: $71.65 - Low Apr 20
*COMMENTARY: The lack of topside follow through last week resulted in a sell-off
and close below the bull channel base and 21-DMA Friday. Bears now focus their
attention on $71.65-72.27 where the 55-DMA is located. A close below $71.65 is
needed to initially target $67.93-69.36. Bulls now need a close above the 21-DMA
to gain breathing room and above $78.13 to shift initial focus back to
$79.88-80.50.

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.