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(F4) Corrective Cycle Still In Play

BRENT TECHS
  • RES 4: $100.00 - Psychological round number
  • RES 3: $98.99 - 1.00 proj of Jun 23 - Aug 10 - Aug 24 price swing
  • RES 2: $93.20 - High Sep 28 and the bull trigger
  • RES 1: $89.49/92.32 - High Oct 24 / 20
  • PRICE: $85.43 @ 06:55 GMT Nov 2
  • SUP 1: $84.09/82.20- Low Oct 11 / 6 and bear trigger
  • SUP 2: $81.62 - 50.0% retracement of the May 4 - Sep 28 bull run
  • SUP 3: $81.02 - Low Aug 24
  • SUP 4: $78.89 - 61.8% retracement of the May 4 - Sep 28 bull run

Brent futures traded lower Wednesday. The broader trend condition is bullish and recent short-term weakness still appears to be a correction. Moving average studies are in a bull-mode position, highlighting a rising trend. Key support lies at $82.20, the Oct 6 low. A resumption of gains would refocus attention on the bull trigger at $93.20, the Sep 28 high. For bears, a break of $82.20, would instead highlight a short-term top and stronger reversal.

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