(F3) Key Resistance Remains Intact - For Now

• RES 4: $105.58 - 76.4% retracement of the Jun 8 - Sep 26 bear leg
• RES 3: $102.28 - High Jul 5
• RES 2: $100.10 - High Jul 29
• RES 1: $99.56 - High Nov 7 and the bull trigger
• PRICE: $95.81 @ 07:04 GMT Nov 11
• SUP 1: $91.73 - Low Nov 10 and a key support
• SUP 2: $87.52 - Low Oct 18 and bear trigger
• SUP 3: $83.38 - Low Sep 30
• SUP 4: $80.94 - Low Sep 26 and key medium-term support

A strong sell-off earlier this week in Brent futures threatens the recent bullish theme, suggesting scope for an extension lower. A bearish engulfing pattern on Tuesday and Wednesday’s bearish follow through has resulted in a test of the 50-day EMA, at 92.53. A clear break of this EMA would open the $90.00 handle and $87.52, the Oct 18 low. On the upside, key short-term resistance has been defined at $99.56, the Nov 7 high. A break would be bullish.