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Pulls Back From Tuesday’s High

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BRENT TECHS, DOLLAR-SING
BRENT TECHS: (J20): Bounced off of $60 But Out
*RES 4: $65.14 - High Jan 20
*RES 3: $64.16 - 61.8% retracement of the Jan 8 - Feb 10 decline
*RES 2: $62.05 - 50% retracement of the Jan 8 - Feb 10 decline
*RES 1: $59.94/00 - 38.2% retracement / round number - key near-term resistance
*PRICE: $58.16 @ 09:52 GMT Feb 21
*SUP 1: $56.30 - Low Feb 18
*SUP 2: $54.96 - Low Feb 13
*SUP 3: $53.11 - Low Feb 10 and key support
*SUP 4: $50.87 - 123.6% retracement projection of the Oct 3 - Jan 8 rally
Brent bounced off of its near-term key resistance level at $60.00, just ahead of
the 38.2% retracement of the Jan 8 - Feb 10 decline. Despite further retracement
off the highs this morning, the outlook remains bullish. A break of $60.00 would
initially see a couple of Fibo retracements adding as resistance but the key
next level would be the Jan 20 high at $65.14. On the downside, key support has
been defined at $53.11, Feb 10 low. Initial support lies at $54.96.

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