Free Trial

(M4) Trend Signals Remain Bullish

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: $91.91 - High Apr 5
  • PRICE: $89.47 @ 07:05 BST Apr 10
  • SUP 1: $86.82 - 20-day EMA
  • SUP 2: $84.19 - 50-day EMA
  • SUP 3: $79.70 - Low Feb 26
  • SUP 4: $76.18 - Low Feb 5 and key S/T support

A bull cycle in Brent futures remains in play and the latest pullback is considered corrective. The recent breach of resistance at $88.51, the Sep 15 ‘23 high, reinforced bullish conditions and this has led to a break of the psychological $90.00 handle. Sights are on $92.96, a Fibonacci projection. Moving average studies are in a bull-mode position highlighting a clear uptrend. Initial firm support is $87.07, the 20-day EMA.

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.