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BRENT TECHS: (F5) Bear Threat Remains Present

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $84.90 - High Jul 5 and a key resistance 
  • RES 3: $82.40 - High Jul 18 
  • RES 2: $80.55/91 - High Oct 7 / 76.4% of the Jul 5 - Sep 10 bear leg
  • RES 1: $76.08 - High Oct 24       
  • PRICE: $72.53 @ 07:07 GMT Oct 31
  • SUP 1: $70.28 - Low Oct 29   
  • SUP 2: $69.68/68.01 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $66.38 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.90 - 2.000 proj of the Apr 12 - Jun 4 - Jul 5 price swing

A bearish tone in Brent futures remains intact and this week’s move lower reinforces this theme. A continuation down would expose support at $69.68, the Oct 1 low, and $68.01, the Sep 10 low and a key support. For bulls, a stronger reversal higher is required to instead refocus attention on the key resistance at $80.55, the Oct 7 high. Clearance of this level resumes the recent uptrend. Initial resistance is at $76.08, the Oct 24 high.

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  • RES 4: $84.90 - High Jul 5 and a key resistance 
  • RES 3: $82.40 - High Jul 18 
  • RES 2: $80.55/91 - High Oct 7 / 76.4% of the Jul 5 - Sep 10 bear leg
  • RES 1: $76.08 - High Oct 24       
  • PRICE: $72.53 @ 07:07 GMT Oct 31
  • SUP 1: $70.28 - Low Oct 29   
  • SUP 2: $69.68/68.01 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $66.38 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.90 - 2.000 proj of the Apr 12 - Jun 4 - Jul 5 price swing

A bearish tone in Brent futures remains intact and this week’s move lower reinforces this theme. A continuation down would expose support at $69.68, the Oct 1 low, and $68.01, the Sep 10 low and a key support. For bulls, a stronger reversal higher is required to instead refocus attention on the key resistance at $80.55, the Oct 7 high. Clearance of this level resumes the recent uptrend. Initial resistance is at $76.08, the Oct 24 high.