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(G1) Corrective Cycle

BRENT TECHS
  • RES 4: $50.45 - 61.8% retracement of the Jan - Apr sell-off (cont)
  • RES 3: $50.00 - Psychological round number
  • RES 2: $49.59 - 0.764 projection of Apr - Aug rally from Nov 2 low
  • RES 1: $49.00 - High Nov 26
  • PRICE: $47.49 @ 06:41 GMT Dec 1
  • SUP 1: $45.87 - Low Nov 27
  • SUP 2: $45.20 - 20-day EMA
  • SUP 3: $44.21 - Low Nov 20
  • SUP 4: $43.28 - Low Nov 17

Brent futures maintain a bullish tone following last week's extension of gains. However the contract is currently retracing the recent uptrend and unwinding an overbought condition from last week. The next firm support handle lies at $45.87, Nov 24 low. On the upside, resistance has been defined at $49.00, a break would confirm a resumption of the uptrend and open the psychological $50.00 level.

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