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Brent Clears Major Resistance As Powell Resists A Hawkish Surprise

COMMODITIES
  • Crude oil prices have jumped circa 3.5% today after Powell stuck to the message of the prepared remarks for the Senate hearing of his nomination, with no hawkish surprises.
  • Brent is +3.6% at $83.77, clearing major resistance of $83.69 (Oct 10 high) as it next eyes the $84 round number resistance and then $84.5 (1.382 proj of the Dec 2-9-20 price swing). Support is seen at $78.36, the 20-day EMA.
  • The most active strikes in the Mar’22 contract today have been $85/bbl calls and $90/bbl calls.
  • WTI is +3.9% at $81.3. Resistance is seen at $81.73 (Nov 10 high) after which it opens major resistance at the Oct 25 high of $82.13. Support is materially lower at $75.54 (20-day EMA).
  • Gold meanwhile is up +1% at $1820.1, clearing initial resistance of $1811.6 (Jan 6 high) with the next level $1849.1 (Nov 22 high). Support had previously been seen at the base of a bull channel drawn from the Aug 9 low that intersects at $1784.
Energy BulletsCommodities
Energy BulletsCommodities

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