MNI: US NOV FINAL MANUF PMI 49.7 (FLASH 48.8); OCT 48.5

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: UK NOV FINAL MANUF PMI 48.0 (FLASH 48.6); OCT 49.9

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI: PBOC Sets Yuan Parity Lower At 7.1865 Mon; -1.50% Y/Y

MNI: China CFETS Yuan Index Up 0.01% In Week of Nov 29

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Tuesday

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

MNI: US OCT CONSTRUCT SPENDING +0.4%

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

(V4) Strong Reversal

BRENT TECHS
  • RES 4: $88.44 - High Apr 12 and a medium-term bull trigger
  • RES 3: $87.05 - High Jul 5
  • RES 2: $84.22 - 76.4% retracement of the Jul 5 - Aug 5 low
  • RES 1: $82.40 - High Aug 12
  • PRICE: $81.66 @ 07:05 BST Aug 13
  • SUP 1: $78.77 - Low Aug 9
  • SUP 2: $75.05/74.96 - Low Aug 5 and a key support / Low Feb 5
  • SUP 3: $73.31 - Low Dec 13 2023 and a key support
  • SUP 4: $67.60 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing

A strong rally in Brent futures Monday highlights a possible short-term reversal and undermines the recent bearish theme. The contract has traded through both the 20- and 50-day EMAs. A continuation higher would strengthen a bullish theme and open $84.22, a Fibonacci retracement. On the downside, a reversal lower would instead refocus attention on the key short-term support at $75.05, the Aug5 low.

Homepagemarkets-real-timeCommoditiesEnergy BulletsBulletEnergy Technical Analysis

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.