Free Trial

ICE BRENT: (X17) Layers of Resistance.....>

OIL TECHS
OIL TECHS: ICE BRENT: (X17) Layers of Resistance $52.67-52.04
*RES 4: $53.80 - Daily Bear channel top 
*RES 3: $53.46 - 200-DMA 
*RES 2: $52.67 - High Aug 21 
*RES 1: $52.49 - Hourly resistance Aug 21a
*PRICE: $52.20 @ 0430GMT
*SUP 1: $52.03 - Hourly support Aug 23 
*SUP 2: $51.76 - Hourly support Aug 23a 
*SUP 3: $51.42 - Hourly support Aug 23b 
*SUP 4: $41.14 - 100-DMA
*COMMENTARY: The $50.96 Aug 21 low has provided the base for a rally and close
above the 21-DMA ($51.81) and pressure back on the $52.67 resistance. A close
above this level remains needed to confirm focus on $53.46-54.02 where the
200-DMA and bear channel top are noted. Bears now need a close below $51.76 to
ease bullish pressure and below $51.42 to shift focus back to $49.78-51.14 where
key DMAs and the bull channel base are situated.

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.