Free Trial

(N4) Bear Threat Remains Present

BRENT TECHS
  • RES 4: $94.00 - 2.236 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 3: $92.09 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 2: $91.18 - High Apr 12 and the bull trigger
  • RES 1: $84.66/88.64 - 20-day EMA / High Apr 26
  • PRICE: $82.92 @ 07:01 BST May 15
  • SUP 1: $81.71 - Low May 8
  • SUP 2: $80.24 - 61.8% retracement of the Dec 13 - Apr 12 bull cycle
  • SUP 3: $75.91 - Low Feb 5
  • SUP 4: $73.47 Low Dec 13 and a key support

Brent futures are in consolidation mode. The contract remains vulnerable and is trading closer to its recent lows. Price has recently cleared the 50-day EMA and the clear breach of this average signals scope for a deeper correction towards $80.24, a Fibonacci retracement. Key resistance and the bull trigger has been defined at $91.18, the Apr 12 high. Clearance of this level would resume the uptrend. Initial firm resistance is $88.64, Apr 26 high.

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.