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(F1) Bullish Focus

BRENT TECHS
  • RES 4: $47.27 - High Aug 26 and key resistance
  • RES 3: $46.86 - High Sep 2
  • RES 2: $46.00 - Round number resistance
  • RES 1: $45.30 - High Nov 11 and the bull trigger
  • PRICE: $44.13 @ 06:36 GMT Nov 20
  • SUP 1: $42.63 - Low Nov 13 and key near-term support
  • SUP 2: $41.71 - Low Nov 10
  • SUP 3: $39.34 - Low Nov 6 and a key support
  • SUP 4: $38.65 - Low Nov 3

Brent futures are trading above recent lows. A bullish focus follows last week's gains that saw resistance defined by the 20- and 50-day EMAs cleared. Gains on Nov 11 also breached $44.67, Sep 18 high and further upside would open $46.00. We are monitoring a Nov 11 price pattern though, a gravestone doji candle. This is a reversal signal and a concern for bulls. Firm support is seen at $41.71. A break would undermine the bullish tone.

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