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Free AccessICE BRENT: (V17) Bulls Need Close Above...>
OIL TECHS: ICE BRENT: (V17) Bulls Need Close Above $51.30
*RES 4: $52.64 - Hourly support Aug 10 now resistance
*RES 3: $52.38 - High Aug 14
*RES 2: $51.30 - Low Aug 11 now resistance
*RES 1: $50.88 - Low Aug 1 now resistance
*PRICE: $50.84 @ 0430GMT
*SUP 1: $50.55 - Low Aug 14
*SUP 2: $50.23 - Low July 26
*SUP 3: $49.67 - Daily Bull channel base
*SUP 4: $49.41 - 55-DMA
*COMMENTARY: The lack of follow through above the 200-DMA ($53.34) last week has
been followed up with losses and a close below $50.88 that confirms an easing of
bullish pressure with below $50.23 needed to confirm focus on the 55-DMA and
bull channel base. Bears now look for a close below the 55-DMA to end bullish
hopes, shifting initial focus to $47.47 and overall focus to $44.88 June lows.
Bulls now need a close above $51.30 to ease bearish pressure.
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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.