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BRENT TECHS: (Z4) Watching Resistance At The 50-Day EMA

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $81.47 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 3: $79.68 - High Aug 26
  • RES 2: $76.92 - 50.0% retracement of the Jul 5 - Sep 10 bear leg
  • RES 1: $75.14/45 - 50-day EMA / High Oct 1       
  • PRICE: $74.80 @ 07:00 BST Oct 2
  • SUP 1: $69.91/68.29 - Low Oct 1 / 10 and the bear trigger   
  • SUP 2: $67.73 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $66.12 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.52 - 2.00 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

Brent futures traded in a volatile manner yesterday and the contract has recovered from its latest lows. Key short-term resistance at the 50-day EMA, at $75.14, has been pierced. A clear break of this average is required to highlight a stronger reversal. The trend condition remains bearish - for now. A resumption of weakness would open $68.29, the Sep 10 low and bear trigger. A break of this level would confirm a resumption of the downtrend.

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  • RES 4: $81.47 - 76.4% retracement of the Jul 5 - Sep 10 bear leg 
  • RES 3: $79.68 - High Aug 26
  • RES 2: $76.92 - 50.0% retracement of the Jul 5 - Sep 10 bear leg
  • RES 1: $75.14/45 - 50-day EMA / High Oct 1       
  • PRICE: $74.80 @ 07:00 BST Oct 2
  • SUP 1: $69.91/68.29 - Low Oct 1 / 10 and the bear trigger   
  • SUP 2: $67.73 - 1.618 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 3: $66.12 - 1.764 proj of the Apr 12 - Jun 4 - Jul 5 price swing
  • SUP 4: $63.52 - 2.00 proj of the Apr 12 - Jun 4 - Jul 5 price swing 

Brent futures traded in a volatile manner yesterday and the contract has recovered from its latest lows. Key short-term resistance at the 50-day EMA, at $75.14, has been pierced. A clear break of this average is required to highlight a stronger reversal. The trend condition remains bearish - for now. A resumption of weakness would open $68.29, the Sep 10 low and bear trigger. A break of this level would confirm a resumption of the downtrend.