Free Trial

(N3) Challenging The 50-Day EMA

BRENT TECHS
  • RES 4: $85.08 - High Apr 18
  • RES 3: $85.08 - High Apr 18
  • RES 2: $82.88 - High Apr 25
  • RES 1: $78.66/80.53 - High May 24 / High Apr 28
  • PRICE: $78.15 @ 06:59 BST May 25
  • SUP 1: $73.49/71.28 - Low May 15 / 4
  • SUP 2: $70.10 - Low Mar 20 and a key support
  • SUP 3: $69.28 - Low Dec 20 2021 (cont)
  • SUP 4: $65.72 - Low Dec 2 2021 (cont)

Brent futures continues to trade at its recent highs and yesterday’s climb resulted in a test of resistance at the 50-day EMA. The average intersects at $78.55 and a clear break of it would strengthen a short-term bullish theme. This would open $80.53, the Apr 28 high. On the downside, a breach of $73.49, the May 15 low, would instead be a bearish development and set the scene for an extension towards $71.28.

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.