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CHINA PRESS

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JGB TECHS

(M1) Bullish Focus

(J1) Clears $60.00

BRENT TECHS
  • RES 4: $65.00 - Round number resistance
  • RES 3: $64.58 - High Jan 22, 2020 (cont)
  • RES 2: $62.46 - High Jan 24, 2020 (cont)
  • RES 1: $61.61 - 1.500 proj of the Apr - Aug - Nov 2020 price swing
  • PRICE: $61.18 @ 06:48 GMT Feb 9
  • SUP 1: $59.08 - Low Feb 5
  • SUP 2: $57.31 - High Jan 13 and former breakout level
  • SUP 3: $56.61 - 20-day EMA
  • SUP 4: $54.40 - Low Jan 22

Brent futures maintain a bullish tone following last week's gains and the confirmed resumption of the underlying uptrend following the breach of $57.31, Jan 13 high. The contract has this week cleared $60.00 and the clear break signals potential for a climb towards $61.61, a Fibonacci projection. On the downside initial firm support is seen at $57.31 with key trend support at $54.40, Jan 22 low.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com