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(F2) Extends Gains From Recent Lows

  • RES 4: $87.73 - 2.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 3: $87.00 - Round number resistance
  • RES 2: $85.77 - High Oct 25 and the bull trigger
  • RES 1: $83.14 - High Nov 16
  • PRICE: $82.31 @ 06:49 GMT Nov 25
  • SUP 1: $77.58 - Low Nov 22
  • SUP 2: $77.19 - 38.2% retracement of the Aug 23 - Oct 25 rally
  • SUP 3: $75.80 - Low Sep 30
  • SUP 4: $74.70 - High Sep 15

Brent futures have rebounded off recent lows and the contract remains above recent lows and is holding onto recent highs. Price is approaching resistance at $83.14, Nov 16 high where a break would strengthen conditions for bulls. This would signal potential for a climb towards the major resistance of $85.77, Oct 25 high. On the downside, key short-term support has been defined at $77.58, Nov 22 low. A break would be bearish.

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