Free Trial

(K2) Bullish Theme

BRENT TECHS
  • RES 4: $139.13 - High Mar 7 and key resistance
  • RES 3: $129.17 - 76.4% retracement of the Mar 7 - 16 downleg
  • RES 2: $123.01 - 61.8% retracement of the Mar 7 - 16 downleg
  • RES 1: $119.48 - High Mar 22
  • PRICE: $115.74 @ 06:59 GMT Mar 23
  • SUP 1: $106.85 - 20-day EMA
  • SUP 2: $98.41/96.93 - 50-day EMA / Low Mar 16
  • SUP 3: $92.75 - Low Feb 25
  • SUP 4: $88.25 - Low Feb 18

Brent futures maintain a firmer short-term tone. The contract last week managed to remain above key support at the 50-day EMA that intersects at $98.41 today. Price has cleared resistance at 113.91, the Mar 11 high. The break of this level has strengthened bullish conditions and signals scope for a stronger short-term recovery towards 123.01 a Fibonacci retracement. On the downside, clearance of the 50-day EMA would reinstate a bearish threat.

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.