Free Trial

(K1) Bearish Despite A Bounce

BRENT TECHS
  • RES 4: $71.38 - High Mar 5 and the key bull trigger
  • RES 3: $70.03 - High Mar 15
  • RES 2: $68.15 - High Mar 18
  • RES 1: $65.12 - High Mar 22 and a firm near-term resistance
  • PRICE: $63.27 @ 06:45 Mar 25
  • SUP 1: $60.27 - Low Mar 23
  • SUP 2: $58.56 - 38.2% retracement of the Nov 2 - Mar 8 rally
  • SUP 3: $57.09 - High Jan 13
  • SUP 4: $56.07 - Low Feb 2

Brent crude futures rebounded yesterday. However gains are considered corrective with a bearish theme intact. The break lower this week has confirmed a break of trendline support drawn off the Nov 2, 2020 low and the 50-day EMA. This reinforces a bearish theme and opens $58.56 next, a Fibonacci retracement. On the upside, resistance is at $65.12, Mar 22 high. A break is required to ease the current bearish pressure.

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.