Free Trial

(V2) Bearish Reversal?

BRENT TECHS
  • RES 4: $110.72 - High Jul 5
  • RES 3: $108.55 - 61.8% retracement of the Jun 8 - Jul 14 bear leg
  • RES 2: $106.50 - High Jul 29 and a key resistance
  • RES 1: $105.48 - High Aug 29
  • PRICE: $100.21 @ 07:06 BST Aug 31
  • SUP 1: $97.55 - Low Aug 30
  • SUP 2: $91.22 - Low Jul 14 and the bear trigger
  • SUP 3: $90.00 - Round number support
  • SUP 4: $88.31 - Low Mar 9 and a key support

Brent futures reversed course yesterday and the sharp pullback undermines the recent bullish theme. An extension lower would expose key support at $91.22, the Jul 14 low and the bear trigger. Moving average studies continue to highlight a bear cycle, so it is possible that Monday’s high represents the end of a correction between Aug 17 - 29. Key resistance has been defined at $105.48, Aug 29 high, where a break is needed to reinstate a bull theme.

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.