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(F1): Key Support Under Pressure

BRENT TECHS
  • RES 4: $43.67 - High Oct 20
  • RES 3: $42.89 - 50-day EMA
  • RES 2: $41.92 - High Oct 26
  • RES 1: $41.11 - High oct 28
  • PRICE: $39.77 @ 06:41 GMT Oct 29
  • SUP 1: $39.23 - Low Oct 28
  • SUP 2: $38.55 - Low Jun 12
  • SUP 3: $38.33 - 50.0% retracement of the Apr - Aug rally
  • SUP 4: $37.15 - Low May 28

Brent futures maintain a bearish tone and traded sharply lower yesterday probing key support at $39.32, Oct 2 low. A clear break of this level would confirm a resumption of the downleg that started off the $47.31 high on Aug 5. An extension lower would open $38.33, 50% of the Apr - Aug rally. Moving average studies are in a bearish mode reinforcing current conditions. Initial firm resistance is at $41.92, Oct 26 high.

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