Free Trial

(U3) Pierces Resistance

BRENT TECHS
  • RES 4: $84.02 - High Apr 18
  • RES 3: $82.06 - 76.4% retracement of the Apr 12 - May 4 bear leg
  • RES 2: $79.94 - 61.8% retracement of the Apr 12 - May 4 bear leg
  • RES 1: $78.61 - Intraday high
  • PRICE: $77.93 @ 07:01 BST Jul 10
  • SUP 1: $75.03/71.43 - Low May 31
  • SUP 2: $71.00 - Low Jul 6 / May 4
  • SUP 3: $69.95 - Low Mar 20 and a key support
  • SUP 4: $69.28 - Low Dec 20 2021 (cont)

Brent futures traded higher again Friday, extending the recovery from $71.86, the Jun 28 low. The contract has pierced resistance at $78.47, the Jun 5 high. A clear break of this hurdle would strengthen bullish conditions and signal scope for a climb towards $79.94, a Fibonacci retracement. Key near-term support has been defined at $75.03, the Jul 6 low. A break of this level is required to signal a possible top.

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.