MNI: US NOV FINAL MANUF PMI 49.7 (FLASH 48.8); OCT 48.5

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

MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: US OCT CONSTRUCT SPENDING +0.4%

MNI: US ISM NOV MANUF PURCHASING MANAGERS INDEX 48.4

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

Resistance Remains Intact

BRENT TECHS
  • RES 4: $85.08 - High Apr 18
  • RES 3: $82.88 - High Apr 25
  • RES 2: $78.74 - 50-day EMA
  • RES 1: $77.60 - High May 10
  • PRICE: $79.74@ 06:42 BST May 22
  • SUP 1: $73.49/71.28 - Low May 15 / 4
  • SUP 2: $70.10 - Low Mar 20 and a key support
  • SUP 3: $69.28 - Low Dec 20 2021 (cont)
  • SUP 4: $65.72 - Low Dec 2 2021 (cont)

A bearish threat in Brent futures remains present. The contract has remained below the recent high of $77.60 (May 10) and below resistance at the 50-day EMA which intersects at $78.74. A clear break of the average is required to strengthen a bullish threat and signal scope for a stronger recovery. For now, the outlook remains bearish. A breach of $73.49, the May 15 low, would set the scene for an extension towards $71.28, the May 4 low.

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.