Free Trial

ICE BRENT: (U18) Remains Capped Ahead.....>

OIL TECHS
OIL TECHS: ICE BRENT: (U18) Remains Capped Ahead Of 21-DMA
*RES 4: $77.63 - High June 1 
*RES 3: $75.40 - 21-DMA 
*RES 2: $74.56 - 55-DMA 
*RES 1: $74.31 - High June 21
*PRICE: $73.78 @ 0350GMT
*SUP 1: $72.70 - Low June 21 
*SUP 2: $72.11 - Low June 18 
*SUP 3: $71.12 - Low Apr 20 
*SUP 4: $70.19 - 100-DMA
*COMMENTARY: The recovery from the week's low stalled ahead of the 21-DMA with
bulls now needing a close above the 21-DMA to confirm an easing of bearish
pressure and above $77.63 to end bearish hopes and returning focus to $80.07.
The $72.11 support is now key today. Bears need a close below this level to
shift focus to $68.46-70.19 where the 100-DMA and bull channel base are located.

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.