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(F1) Rally Extends And Clears Key Resistance

BRENT TECHS
  • RES 4: $50.45 - 61.8% retracement of the Jan - Apr sell-off
  • RES 3: $50.00 - Psychological round number
  • RES 2: $49.46 - 0.764 projection of Apr - Aug rally from Nov 2 low
  • RES 1: $48.75 - Intraday high
  • PRICE: $48.28 @ 07:00 GMT Nov 25
  • SUP 1: $45.89 - Low Nov 24
  • SUP 2: $43.56 - 20-day EMA
  • SUP 3: $42.63 - Low Nov 13 and key near-term support
  • SUP 4: $41.71 - Low Nov 10

Brent futures rallied sharply higher yesterday, extending this month's strong rally. Futures have cleared the key resistance at $47.27/31, Aug 26 and 5 highs respectively. This reinforces the current bullish theme and sets the scene for a climb towards the psychological $50.00 level. Moving average studies have also crossed into a bull mode reinforcing current conditions. $45.89 marks initial support, the Nov 24 low.

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