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(F2) Eyeing The 50-Day EMA

  • RES 4: $90.00 - Psychological round number
  • RES 3: $87.73 - 2.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 2: $85.77/87.00 - High Oct 25 / Round number resistance
  • RES 1: $84.49 - High Nov 4
  • PRICE: $80.38 @ 06:23 GMT Nov 5
  • SUP 1: $80.20 - Low Nov 4
  • SUP 2: $79.15 - 50-day EMA
  • SUP 3: $78.42 - Low Oct 7
  • SUP 4: $75.80 - Low Sep 30

Brent futures faced selling pressure again yesterday. Bearish conditions prevail following this week's breach of support at $81.61, Oct 28 low and the move lower suggests a short-term corrective cycle has unfolded. The focus is on the 50-day EMA at $79.15. This is seen as a key short-term support and a clear break would suggest scope for a deeper pullback. Key resistance has been defined at $85.77, the Oct 25 high.

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