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(F1) Rally Extends

BRENT TECHS
  • RES 4: $50.00 Psychological round number
  • RES 3: $49.46 - 0.764 proj of Apr - Aug rally from Nov 2 low
  • RES 2: $47.27 - High Aug 26 and key resistance
  • RES 1: $46.86 - High Sep 2
  • PRICE: $46.66 @ 06:52 GMT Nov 24
  • SUP 1: $44.89 - Low Nov 23
  • SUP 2: $43.48 - Low Nov 18
  • SUP 3: $42.63 - Low Nov 13 and key near-term support
  • SUP 4: $41.71 - Low Nov 10

Brent futures have traded higher again today extending yesterday's gains that saw resistance at $45.30 cleared, Nov 11 high and a bull trigger. The move higher confirms a resumption of the recovery that has been in place since the Nov 2 reversal and paves the way for a climb towards the key resistance at $47.27/31, Aug 26 and 5 highs respectively. On the downside, initial support is seen at $44.89, Nov 23 low.

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