Free Trial

(M4) Corrective Mode

BRENT TECHS
  • RES 4: $96.16 - 2.382 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 3: $94.94 - 2.236 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 2: $92.96 - 2.00 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 1: $92.18 - High Apr 12
  • PRICE: $87.51 @ 06:59 BST Apr 18
  • SUP 1: $85.35 - 50-day EMA
  • SUP 2: $80.56 - 61.8% retracement of the Dec 13 - Apr 12 bull cycle
  • SUP 3: $76.18 - Low Feb 5
  • SUP 4: $72.38 Low Dec 13 and a key support

Brent futures traded sharply lower Wednesday and in the process, the contract cleared support around the 20-day EMA. The move lower highlights the start of a corrective cycle and suggests potential for an extension towards $85.35, the 50-day EMA. A clear break of this average is required to suggest scope for a deeper retracement. Key resistance and the bull trigger has been defined at $92.18, the Apr 12 high. A break would resume the uptrend.

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.