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(F1): Corrective Bounce

BRENT TECHS
  • RES 4: $41.92 - High Oct 26
  • RES 3: $41.26 - 20-day EMA
  • RES 2: $39.97 - High Oct 29
  • RES 1: $39.36 - High Nov 2
  • PRICE: $38.89 @ 06:37 GMT Nov 3
  • SUP 1: $35.74 - Low Nov 2
  • SUP 2: $35.00 - Round number support
  • SUP 3: $33.59 - 76.4% retracement of the Apr - Aug rally
  • SUP 4: $33.44 - Low May 14

Brent futures bounced sharply higher yesterday off the day low having started the session under pressure. The recovery suggests a correction is unfolding following recent bearish activity. The outlook remains bearish and the focus is on yesterday's low of $35.74 where a break would resume bearish pressure and open 33.59, a Fibonacci retracement. On the upside, initial resistance is at $39.36, yesterday's high.

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