Free Trial

(X1) Resumes Its Uptrend

BRENT TECHS
  • RES 4: $80.37 1.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 3: $80.00 - Psychological round number
  • RES 2: $78.13 - 0.764 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 1: $76.74 - 0.618 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • PRICE: $76.36 @ 07:05 BST Sep 23
  • SUP 1: $73.26 - Low Sep 21 and key near-term support
  • SUP 2: $70.88 Low Sep 9
  • SUP 3: $69.77/$68.13 - Low Aug 26 / Low Aug 24
  • SUP 4: $64.20 - Low Aug 23 and a key support

Brent futures have recovered from recent lows. Tuesday's price formation was a doji candle, signalling a resumption of gains and the contract has breached 76.13, Sep 15 high to confirm a resumption of the uptrend. The move higher paves the way for a climb towards $76.74 next, a Fibonacci projection. Key short-term support has been defined at $73.26, Sep 21 low. A break would signal a short-term 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.