FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

(N4) Bear Threat Still Present

BRENT TECHS
  • RES 4: $95.18 - 2.382 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 3: $94.00 - 2.236 proj of the Jan 3 - 29 - Feb 5 price swing
  • RES 2: $92.09 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 1: $88.64/91.18 - High Apr 26 / 12 and the bull trigger
  • PRICE: $78.69 @ 06:58 BST May 7
  • SUP 1: $82.32 - 50.0% retracement of the Dec 13 - Apr 12 bull cycle
  • 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 trading closer to their recent lows and a bearish theme remains intact. Price has cleared the 50-day EMA. The clear breach of this EMA 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 resistance is $88.64, Apr 26 high.

Homepagemarkets-real-timeCommoditiesEnergy BulletsBulletEnergy Technical Analysis

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.