(F1): Focus Is On The Key EMA Resistance Zone

• RES 4: $43.67 - High Oct 20
• RES 3: $43.12 - High Oct 22
• RES 2: $42.23 - 50-day EMA
• RES 1: $41.53 - High Nov 5
• PRICE: $40.04 @ 06:41 GMT Nov 6
• SUP 1: $38.65 - Low Nov 3
• SUP 2: $35.74 - Low Nov 2 and the bear trigger
• 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 has tested the key resistance zone between $41.10 and $42.18, 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.