Free Trial

(Q4) Impulsive Bear Cycle Remains In Play

BRENT TECHS
  • RES 4: $91.11 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 3: $90.22 - High Apr 12 and the bull trigger
  • RES 2: $84.72/87.77 - High May 29 / High Apr 26
  • RES 1: $80.44 - Low May 24 and a recent breakout level
  • PRICE: $78.72 @ 07:03 BST Jun 6
  • SUP 1: $76.76 - Low Jun 4
  • SUP 2: $75.63 - Low Feb 5
  • SUP 3: $73.47 - Low Dec 13 and a key support
  • SUP 4: $71.20 - 1.382 proj of the Apr 12 - May 24 - 29 price swing

Brent futures have traded sharply lower so far this week. The move down has resulted in the breach of a number of important short-term supports. Price is through $80.44, the May 24 low, and $77.42, 76.4% of the Dec 13 - Apr 12 bull cycle. The break lower reinforces a bearish theme and signals potential for an extension to $75.63, the Feb 5 low. Initial firm resistance is $84.72, the May 29 high.

168 words

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.
  • RES 4: $91.11 - 2.00 proj of the Jan 8 - 29 - Feb 5 price swing
  • RES 3: $90.22 - High Apr 12 and the bull trigger
  • RES 2: $84.72/87.77 - High May 29 / High Apr 26
  • RES 1: $80.44 - Low May 24 and a recent breakout level
  • PRICE: $78.72 @ 07:03 BST Jun 6
  • SUP 1: $76.76 - Low Jun 4
  • SUP 2: $75.63 - Low Feb 5
  • SUP 3: $73.47 - Low Dec 13 and a key support
  • SUP 4: $71.20 - 1.382 proj of the Apr 12 - May 24 - 29 price swing

Brent futures have traded sharply lower so far this week. The move down has resulted in the breach of a number of important short-term supports. Price is through $80.44, the May 24 low, and $77.42, 76.4% of the Dec 13 - Apr 12 bull cycle. The break lower reinforces a bearish theme and signals potential for an extension to $75.63, the Feb 5 low. Initial firm resistance is $84.72, the May 29 high.