Free Trial

(U1) Extends Gains

BRENT TECHS
  • RES 4: $78.03 - High Oct 29, 2018 (cont)
  • RES 3: $77.84 - High Jul 6 and the bull trigger
  • RES 2: $76.72 - High Jul 14
  • RES 1: $75.39 - 76.4% retracement of the Jul 6 - 20 downleg
  • PRICE: $74.89 @ 06:59 BST Jul 27
  • SUP 1: $71.97 50-day EMA
  • SUP 2: $67.44/43 - Low Jul 20 / 76.4% of the May 21 - Jul 6 rally
  • SUP 3: $66.11 - Low May 24
  • SUP 4: $64.22 - Low May 21

Brent futures are firmer. Price has cleared $73.87, the 61.8% retracement of the Jul 6 - 20 downleg. The breach of this level strengthens the short-term bullish case and puts on hold the recent bearish theme. The move higher also signals scope for a climb towards key resistance at $77.84, the Jul 6 high. A reversal lower is required to refocus attention on $67.44, Jul 20 low and key support.

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.