Free Trial

ICE BRENT: (X17) Bounces From Key.........>

OIL TECHS
OIL TECHS: ICE BRENT: (X17) Bounces From Key Support
*RES 4: $55.33 - Monthly High May 25 
*RES 3: $54.87 - High Sept 8 
*RES 2: $54.44 - Hourly support Sept 8 now resistance 
*RES 1: $54.14 - High Sept 11
*PRICE: $53.77 @ 0430GMT
*SUP 1: $53.45 - Hourly support Sept 11 
*SUP 2: $53.04 - Low Sept 11 
*SUP 3: $52.95 - High Sept 1 now support 
*SUP 4: $52.28 - 21-DMA
*COMMENTARY: The lack of topside follow through Friday was followed up with a
dip below the 200-DMA Monday before support emerged ahead of the key $52.95
level. Bears need a close below $52.95 to confirm a break of the 200-DMA and an
easing of bullish pressure with immediate focus then shifting to the 21-DMA.
Daily studies correcting from O/B and the Bollinger top ($54.65) are concerns
for bulls who now need a close above $54.44 to initially pressure $54.87.

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.