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BRENT TECHS: (Z4) Bull Cycle Remains In Play

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $83.02 - High Jul 18
  • RES 3: $81.47 - 76.4% retracement of the Jul 5 - Sep 10 bear leg
  • RES 2: $79.68 - High Aug 26
  • RES 1: $79.30 - HIgh Oct 4        
  • PRICE: $77.78 @ 07:00 BST Oct 7
  • SUP 1: $73.99 - 20-day EMA   
  • SUP 2: $69.91/68.29 - Low Oct 1 / 10 and the bear trigger
  • SUP 3: $67.73 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $66.12 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing

Brent futures traded sharply higher last week and for now, the contract is holding on to its gains. It is still possible that the recent rally is a correction, however, the clear break of the 50-day EMA, suggests potential for a continuation higher near-term. Scope is seen for a climb towards $79.68 next, the Aug 26 high. Initial firm support to watch is $73.99, the 20-day EMA. A clear break would be seen as an early reversal signal.

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  • RES 4: $83.02 - High Jul 18
  • RES 3: $81.47 - 76.4% retracement of the Jul 5 - Sep 10 bear leg
  • RES 2: $79.68 - High Aug 26
  • RES 1: $79.30 - HIgh Oct 4        
  • PRICE: $77.78 @ 07:00 BST Oct 7
  • SUP 1: $73.99 - 20-day EMA   
  • SUP 2: $69.91/68.29 - Low Oct 1 / 10 and the bear trigger
  • SUP 3: $67.73 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $66.12 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing

Brent futures traded sharply higher last week and for now, the contract is holding on to its gains. It is still possible that the recent rally is a correction, however, the clear break of the 50-day EMA, suggests potential for a continuation higher near-term. Scope is seen for a climb towards $79.68 next, the Aug 26 high. Initial firm support to watch is $73.99, the 20-day EMA. A clear break would be seen as an early reversal signal.