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BRENT TECHS: (Z4) Short-Term Trend Structure Remains Bullish

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $86.86 - High Apr 12 and a key resistance
  • RES 3: $85.54 - High Jul 5  
  • RES 2: $83.02 - High Jul 18
  • RES 1: $81.47 - 76.4% retracement of the Jul 5 - Sep 10 bear leg       
  • PRICE: $77.22 @ 07:20 BST Oct 10
  • SUP 1: $75.05 - 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 again Monday. The rally extends the bull leg that started Sep 9 and suggests that the pullback beginning Tuesday is - for now - a correction. A resumption of gains would open $81.47, a Fibonacci retracement. Clearance of this level would strengthen a bullish theme and expose $83.02, the Jul 18 high. Initial firm support is $75.05, the 20-day EMA. A clear break would be seen as an early reversal signal.   

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  • RES 4: $86.86 - High Apr 12 and a key resistance
  • RES 3: $85.54 - High Jul 5  
  • RES 2: $83.02 - High Jul 18
  • RES 1: $81.47 - 76.4% retracement of the Jul 5 - Sep 10 bear leg       
  • PRICE: $77.22 @ 07:20 BST Oct 10
  • SUP 1: $75.05 - 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 again Monday. The rally extends the bull leg that started Sep 9 and suggests that the pullback beginning Tuesday is - for now - a correction. A resumption of gains would open $81.47, a Fibonacci retracement. Clearance of this level would strengthen a bullish theme and expose $83.02, the Jul 18 high. Initial firm support is $75.05, the 20-day EMA. A clear break would be seen as an early reversal signal.