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(F1): Bounce Extends

BRENT TECHS
  • RES 4: $43.67 - High Oct 20
  • RES 3: $43.12 - High Oct 22
  • RES 2: $42.23 - 50-day EMA
  • RES 1: $41.33 - High Nov 4
  • PRICE: $40.44 @ 06:42 GMT Nov 5
  • SUP 1: $38.65 - Low Nov 3
  • SUP 2: $35.74 - Low Nov 2
  • SUP 3: $35.00 - Round number support
  • SUP 4: $33.59 - 76.4% retracement of the Apr - Aug rally

Brent futures have bounced sharply higher this week defining a key support at $35.74, Nov 2 low. Price is testing a key resistance zone between $41.12 and $42.23, the 20- and 50-day EMAs. Clearance of this entire zone would strengthen a bullish condition and signal scope for a stronger recovery. A return lower would refocus attention on support at $35.74, where a break would mark a resumption of the downtrend.

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