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(F1): Heading South

BRENT TECHS
  • RES 4: $42.89 - 50-day EMA
  • RES 3: $41.92 - High Oct 26
  • RES 2: $41.11 - High oct 28
  • RES 1: $39.32 - Low Oct 2 and a recent breakout level
  • PRICE: $38.04 @ 06:45 GMT Oct 30
  • SUP 1: $37.26 - Low Oct 29
  • SUP 2: $36.41 - Low May 22
  • SUP 3: $36.21 - 61.8% retracement of the Apr - Aug rally
  • SUP 4: $35.99 - Low May 18

Brent futures maintain a bearish tone and traded sharply lower again yesterday clearing key support at $39.32, Oct 2 low. The break lower confirms a resumption of the downleg that started off the $47.31 high on Aug 5 and has opened $36.21, 61.8% retracement of the Apr - Aug rally. Moving average studies are in a bearish mode reinforcing current conditions. Initial resistance is seen at $39.32.

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