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(F1): Strong Bearish Momentum

BRENT TECHS
  • RES 4: $41.92 - High Oct 26
  • RES 3: $41.50 - 20-day EMA
  • RES 2: $39.32 - Low Oct 2 and a recent breakout level
  • RES 1: $37.37 Intraday high
  • PRICE: $36.74 @ 06:45 GMT Nov 2
  • SUP 1: $35.74 - Intraday low
  • SUP 2: $35.00 - Round number support
  • SUP 3: $33.59 - 76.4% retracement of the Apr - Aug rally
  • SUP 4: $33.44 - Low May 14

Brent futures maintain a bearish tone and price has traded sharply lower overnight extending the bearish cycle that started Aug 5. The break of $36.21, 61.8% of the Apr - Aug rally paves the way for weakness towards $35.00 with scope further out a move lower towards 33.59, the 76.4% retracement. On the upside, initial resistance is at $37.37, the overnight high. Firmer resistance resides at $38.32, Oct 2 low.

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