Free Trial

(U1) Corrective Bounce

WTI TECHS
  • RES 4: $76.07 - High Jul 6 and the bull trigger
  • RES 3: $74.90 - High Jul 13
  • RES 2: $72.48 - High Jul 15
  • RES 1: $71.40 - High Jul 19
  • PRICE: $70.19 @ 07:02 BST Jul 22
  • SUP 1: $65.01/64.60 - Low Jul 20 / 76.4% of the May 21 - Jul 6 rally
  • SUP 2: $63.10 - Low May 24
  • SUP 3: $61.06 - Low May 21 and key support
  • SUP 4: $59.92 - Low Apr 26

Brent futures faced strong selling pressure Monday clearing support at $68.86, Jun 17 low and also breached the 50-day EMA. The sharp sell-off defines a short-term trend top and signals scope for a deeper corrective pullback. The focus is on $64.60, a Fibonacci retracement where a break would open $63.10, the May 24 low. Yesterday's string gains are considered corrective. Initial resistance is at $71.40, Jul 19 high.

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.