Free Trial

(V1) Bullish Engulfing Candle

BRENT TECHS
  • RES 4: $75.65 - High Jul 30
  • RES 3: $73.55 - High Aug 3
  • RES 2: $70.73/71.90 - 50-day EMA / High Aug 12
  • RES 1: $69.98 - 20-day EMA
  • PRICE: $69.12 @ 06:48 BST Aug 24
  • SUP 1: $64.60 - Low Aug 23
  • SUP 2: $63.89 - Low May 21 and a key support
  • SUP 3: $63.43 - 1.236 proj of the Jul 6 - 20 - 30 price swing
  • SUP 4: $62.71 - Low Apr 22

Brent futures rallied yesterday and have extended the climb today. The recovery has defined a key short-term support at $64.60, Aug 23 low where a break is required to reinstate a bearish theme. Short-term, the outlook appears bullish and yesterday's price pattern is a bullish engulfing candle. Further gains would open the 50-day EMA at $70.73. A break of the average would strengthen bullish conditions.

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.