Free Trial

(U1) Holding Onto Recent Gains

WTI TECHS
  • RES 4: $76.07 - High Jul 6 and the bull trigger
  • RES 3: $74.90 - High Jul 13
  • RES 2: $73.46 - 76% retracement of the Jul 6 - 20 downleg
  • RES 1: $72.43 - High Jul 26
  • PRICE: $72.16 @ 07:02 BST Jul 27
  • SUP 1: $69.41 - 50-day EMA
  • SUP 2: $65.01/64.60 - Low Jul 20 / 76.4% of the May 21 - Jul 6 rally
  • SUP 3: $63.10 - Low May 24
  • SUP 4: $61.06 - Low May 21 and key support

Brent futures are holding onto the strong rebound from $65.01, Jul 20 low. Price is testing the 61.8% retracement of the Jul 6 - 20 downleg at $71.85. A clear breach of this retracement would strengthen a bullish case and place on hold the recent bearish theme. This would signal scope for a climb towards key resistance at $76.07, the Jul 6 high. A reversal lower would instead refocus attention on $65.01, Jul 20 low and the 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.