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Free Access(Q1) Corrective Cycle
- 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: $74.96 - High Jun 16 and the bull trigger
- PRICE: $73.61 @ 06:57 BST Jun 21
- SUP 1: $71.56 - 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 traded lower Thursday last week and the contract appears to have entered a short-term corrective cycle. A deeper pullback would expose the 20-day EMA at $71.56, where a break would suggest potential for a deeper pullback towards $69.90, May 18 high and a recent breakout level. For bulls, key resistance has been defined at $74.96, Jun 16 high. A breach would confirm a resumption of the uptrend.
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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.