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(G1) Northbound

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: $47.81 @ 06:44 GMT Nov 27
  • SUP 1: $45.51 - High Aug 11and recent breakout level
  • SUP 2: $44.56 - 20-day EMA
  • SUP 3: $44.21 - Low Nov 20
  • SUP 4: $43.64 - Low Nov 26

Brent futures maintain a bullish tone following this week's extension of gains. Futures cleared key resistance at $47.60, Aug 5 high. This reinforces the current bullish theme and sets the scene for gains towards the psychological $50.00 level. Moving average studies have also crossed into a bull mode reinforcing current conditions. On the downside, $45.51 marks initial firm support, Aug 11 high.

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