Free Trial

ICE BRENT: (X17) Bears Need Close Below...>

OIL TECHS
OIL TECHS: ICE BRENT: (X17) Bears Need Close Below Channel Base
*RES 4: $53.41 - 200-DMA 
*RES 3: $52.67 - High Aug 21 
*RES 2: $52.44 - Hourly resistance Aug 28 
*RES 1: $51.79 - High Aug 29
*PRICE: $51.52 @ 0430GMT
*SUP 1: $51.00 - 100-DMA 
*SUP 2: $50.96 - Low Aug 21 
*SUP 3: $50.82 - Daily Bull channel base 
*SUP 4: $49.96 - 55-DMA
*COMMENTARY: Support continues to emerge on dips back towards $50.96 with the
100-DMA supporting last week. The bull channel base comes in around $50.82 with
bears needing a close below to hint at a deeper correction and below the 55-DMA
initially targeting $47.78-48.26. Layers of resistance remain $52.67-54.02.
Bulls need a close above $52.67 to return focus to $53.41-54.02 and above $54.02
to reconfirm a bullish bias and target $55.33.

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.