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(F2) Remains Below Recent Highs

BRENT TECHS
  • RES 4: $91.20 - 2.382 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 3: $90.00 - Psychological round number
  • RES 2: $87.73 - 2.00 proj of the Aug 23 - Sep 3 - Sep 9 price swing
  • RES 1: $85.77/87.00 - High Oct 25 / Round number resistance
  • PRICE: $83.80 @ 06:42 GMT Nov 3
  • SUP 1: $81.61/57 - Low Oct 28 / Low Oct 13
  • SUP 2: $80.00 - Round number support
  • SUP 3: $78.74/42 - 50-day EMA / Low Oct 7
  • SUP 4: $75.80 - Low Sep 30

Brent futures remain below the Oct 25 high of $85.77. The contract has recently traded through $83.36, Oct 21 low and probed the 20-day EMA. A resumption of weakness would signal scope for a deeper corrective pullback and expose $80.00, with the 50-day EMA at $78.98. Watch initial support at $81.61, Oct 28 low. Key resistance and the bull trigger is at $86.70, Oct 25 high. A break would resume the uptrend.

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