MNI BRIEF: China Extends U.S. Import Tariff Exemption List

MNI: GERMANY OCT RETAIL SALES -1.5% M/M

MNI: GERMANY OCT EXPORT PRICE INDEX 0.3% M/M, 0.6% Y/Y

MNI BRIEF: Trump Tariffs To Push China, EU Cooperation - BOC

MNI: PBOC Net Drains CNY156.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1877 Fri; -1.39% Y/Y

MNI: SWISS Q3 GDP +0.4% Q/Q, +2% Y/Y

MNI: SWISS KOF NOV ECONOMIC BAROMETER 101.8

MNI: FRANCE GDP Q3 2ND EST +0.4% Q/Q

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

(Z20): Reversal Conditions Hold

BRENT TECHS
  • RES 4: $45.04 - High Sep 4
  • RES 3: $44.30 - High Sep 18 and key resistance
  • RES 2: $43.07 - High Sep 23
  • RES 1: $42.17 - 20-day EMA
  • PRICE: $42.04 @ 06:36 BST Oct 7
  • SUP 1: $41.22 - Low Oct 5
  • SUP 2: $38.79 - Low Oct 2 and the bear trigger
  • SUP 3: $38.59 - Low Jun 15
  • SUP 4: $38.25 - Low Jun 12 and a key support

A sharp rally Monday in Brent futures signals a reversal of the downtrend that has dominated most recently since Sep 18. Yesterday's gains reinforce this likelihood. A reversal pattern defines Monday's price action, a bullish engulfing candle line. This suggests a base has developed at $38.79, Friday's low and if correct, signals scope for recovery towards $43.07, Sep 23 high. On the downside, a break of $38.79 would reinstate a bearish theme.

Energy BulletsCommodities
Energy BulletsCommodities

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.