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BRENT TECHS: (X4) Gains Considered Corrective

BRENT TECHS
Energy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $83.74 - High Jul 18 
  • RES 3: $80.53/81.46 - High Aug 26 / 12 and key resistance
  • RES 2: $76.83 - 50-day EMA 
  • RES 1: $74.11/28 - 20-day EMA / High Oct      
  • PRICE: $73.26 @ 07:01 BST Sep 18
  • SUP 1: $68.68 - Low Sep 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 remain in a downtrend and, despite trading higher this week, the latest recovery appears to be a correction. Recent weakness confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Sights are on $67.63, a Fibonacci projection. Note that the downtrend is oversold. A stronger recovery would allow this condition to unwind. Initial firm resistance is at $74.11, the 20-day EMA.

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  • RES 4: $83.74 - High Jul 18 
  • RES 3: $80.53/81.46 - High Aug 26 / 12 and key resistance
  • RES 2: $76.83 - 50-day EMA 
  • RES 1: $74.11/28 - 20-day EMA / High Oct      
  • PRICE: $73.26 @ 07:01 BST Sep 18
  • SUP 1: $68.68 - Low Sep 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 remain in a downtrend and, despite trading higher this week, the latest recovery appears to be a correction. Recent weakness confirmed a resumption of the downtrend and maintains the bearish price sequence of lower lows and lower highs. Sights are on $67.63, a Fibonacci projection. Note that the downtrend is oversold. A stronger recovery would allow this condition to unwind. Initial firm resistance is at $74.11, the 20-day EMA.