BOC: IF THINGS EVOLVE AS EXPECTED, WILL BE APPROPRIATE TO CUT

BOC SAYS JUNE RATE CUT IS WITHIN REALM OF POSSIBILITIES

MNI BRIEF: Text Of BOC Press Conference Opening Statement

MNI BRIEF: Brazil Inflation 3.93% In March, Lowest In 9 Months

MNI Brief: China Targets Standards Update To Support Trade-ins

MNI BRIEF: Fitch China Outlook Downgrade Regrettable - MoF

EZ/UK Bond Supply Calendar: 3/7/15+ Year BTP Auction Thursday

Key PCE Components Raise Stakes For Tomorrow's PPI

US EIA: CRUDE OIL STOCKS EX SPR +5.84M TO 457.3M APR 05 WK

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

(Q2) Trend Outlook Is Bullish

BRENT TECHS
  • RES 4: $130.00 - Psychological round number
  • RES 3: $126.95 - 1.764 proj of the May 11 - 17 - 19 price swing
  • RES 2: $125.04 - 1.618 proj of the May 11 - 17 - 19 price swing
  • RES 1: $124.42/25.19 - High Mar 7 and the bull trigger / High Jun 14
  • PRICE: $119.15 @ 07:06 BST Jun 16
  • SUP 1: $117.37 - 20-day EMA
  • SUP 2: $112.45 - Low Jun 2
  • SUP 3: $111.31 - 50-day EMA
  • SUP 4: $103.84 - Low May 19 and a key support

Brent futures continue to pull back from its recent highs. The move lower though is considered corrective - for now. The trend is up and a positive price sequence of higher highs and higher lows is intact. Scope is seen for a retest and clear break of 124.42, Mar 7 high. This would confirm a resumption of the primary uptrend. On the downside, the 20-day EMA, at $117.37, is still seen as initial firm support. A break would allow for a deeper corrective pullback.

Energy BulletsCommodities
Energy BulletsCommodities

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.