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(F1) Bullish Following This Week's Rally

BRENT TECHS
  • RES 4: $46.00 - Round number resistance
  • RES 3: $45.47 - Sep 4 high
  • RES 2: $44.67 - High Sep 18 and a key resistance
  • RES 1: $44.55 - 76.4% retracement of the Aug 26 - Nov 2 sell-off
  • PRICE: $44.25 @ 06:50 GMT Nov 11
  • SUP 1: $41.71 - Low Nov 10
  • SUP 2: $39.34 - Low Nov 6
  • SUP 3: $38.65 - Low Nov 3
  • SUP 4: $35.74 - Low Nov 2 and the bear trigger

Brent futures traded sharply higher Monday clearing last week's high of $41.53 and more importantly also traded through resistance defined by the 20- and 50-day EMAs. The break higher has exposed $44.55 next, a Fibonacci retracement and $44.67where a break would trigger stronger upside and open $44.67, Sep 18 high. On the downside, firm support has been defined at $39.34, the Nov 6 low.

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