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(F3) Support Remains Exposed

BRENT TECHS
  • 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: $95.59 @ 06:52 GMT Nov 14
  • 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 early last week in Brent futures, threatens the recent bullish theme, suggesting scope for an extension lower. A bearish engulfing pattern (Nov 8) and last Wednesday’s bearish follow through resulted in a test of the 50-day EMA, at 92.67. 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.

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