Free Trial

(K2) Volatile But Remains Bullish

  • RES 4: $149.31 - 4.236 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 3: $144.62 - 4.00 proj of the Aug - Oct - Dec ‘21 price swing
  • RES 2: $140.00 - Psychological round number
  • RES 1: $139.13 - High Mar 7
  • PRICE: $126.95 @ 07:03 GMT Mar 8
  • SUP 1: $119.04 - Low Mar 7
  • SUP 2: $106.83 - Low Mar 2
  • SUP 3: $98.30 - Low Mar 1
  • SUP 4: $92.75 - Low Fev 25 and a key short-term support

Brent futures spiked higher Monday but failed to hold onto the session high. Despite the pullback, yesterday’s price action highlights an acceleration in the current uptrend, taking price further into overbought territory. Volatile price action is likely to dominate near-term however it is clear that the uptrend remains firmly intact for now. The focus is on the $140.00 handle next. Initial support lies at Monday’s intraday low of $119.04.

To read the full story



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.