Free Trial

(U20): Corrective Pullback

  • RES 4: $48.69 - Low Mar 2
  • RES 3: $46.34 - Low Mar 6 and gap high on the daily chart
  • RES 2: $45.86 - 50.0% retracement of the Jan - Apr sell-off
  • RES 1: $44.89 - High Jul 21
  • PRICE: $43.46 @ 06:25 BST Jul 24
  • SUP 1: $43.13 - Low Jul 23
  • SUP 2: $42.36 - Low Jul 20 and key intraday support
  • SUP 3: $41.32 - Low Jul 10
  • SUP 4: $41.08 - 50-day EMA

Brent futures remain bullish although the contract has found resistance for now
at $44.89, Tuesday's high. This week's gains resulted in a breach of former
key resistance at $43.97, Jun 23 high. This confirmed a resumption of the
uptrend that has been in place since Apr 22. It sets the scene for an
extension higher towards $45.86, a Fibonacci retracement and $46.34 further
out. Initial firm support has been defined at $42.36, Jul 20 low.

To read the full story



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.