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BRENT TECHS: (X4) Extends Losses Below 50-Day EMA

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $82.10 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 3: $80.53 - High Aug 26
  • RES 2: $77.46 - 50.0% retracement of the Jul 5 - Sep 10 bear leg
  • RES 1: $76.28 - 50-day EMA      
  • PRICE: $71.88 @ 07:57 BST Sep 26
  • SUP 1: $70.72/68.68 - Low Sep 26 / 10 and the bear trigger   
  • SUP 2: $67.63 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $65.95 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.24 - 2.00 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

Brent futures have faded off recent highs and extended losses on the break through the 50-day EMA support. This confirms the latest recovery as corrective and the downtrend remains intact. Note that the recovery has allowed a recent oversold condition to unwind. The 20-day EMA has been breached. The next resistance to watch is $76.28, the 50-day EMA. The bear trigger remains $68.68, the Sep 10 low.        

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  • RES 4: $82.10 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 3: $80.53 - High Aug 26
  • RES 2: $77.46 - 50.0% retracement of the Jul 5 - Sep 10 bear leg
  • RES 1: $76.28 - 50-day EMA      
  • PRICE: $71.88 @ 07:57 BST Sep 26
  • SUP 1: $70.72/68.68 - Low Sep 26 / 10 and the bear trigger   
  • SUP 2: $67.63 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $65.95 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.24 - 2.00 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

Brent futures have faded off recent highs and extended losses on the break through the 50-day EMA support. This confirms the latest recovery as corrective and the downtrend remains intact. Note that the recovery has allowed a recent oversold condition to unwind. The 20-day EMA has been breached. The next resistance to watch is $76.28, the 50-day EMA. The bear trigger remains $68.68, the Sep 10 low.