Free Trial

(Q1) Bull Trend Resumes

BRENT TECHS
  • RES 4: $76.97 1.23 proj of Mar 23 - May 18 - May 21 price swing
  • RES 3: $75.00 - Round number resistance
  • RES 2: $75.60 - High Apr 25, 2019 (cont)
  • RES 1: $75.23 - Intraday high
  • PRICE: $74.98 @ 06:57 BST Jun 22
  • SUP 1: $72.01/71.88 - Low Jun 17 / 20-day EMA
  • SUP 2: $69.90 - High May 18 and the recent break out level
  • SUP 3: $67.75 - Low May 25
  • SUP 4: $64.50 - Low May 21 and key support

Brent crude futures have negated recent bearish concerns and extended the bounce from $72.01, Jun 17 low. The recovery has resulted in a fresh trend high with price trading above last week's $74.96 high on Jun 16. The move confirms a resumption of the uptrend and maintains the bullish price sequence of higher highs and higher lows. A break below $72.01 is needed to signal a top.

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.