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(F2) Trades Through Support

BRENT TECHS
  • 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: $ 84.20 - High Nov 3
  • PRICE: $81.54 @ 07:00 GMT Nov 4
  • SUP 1: $81.07 - Intraday low
  • SUP 2: $80.00 - Round number support
  • SUP 3: $79.10/78.42 - 50-day EMA / Low Oct 7
  • SUP 4: $75.80 - Low Sep 30

Brent futures faced selling pressure yesterday and breached initial support at $81.61, Oct 28 low. The move lower highlights a developing short-term bearish theme as a corrective cycle unfolds. The focus is on the 50-day EMA at $79.10. 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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