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(G1) Resumes Its Uptrend

BRENT TECHS
  • RES 4: $51.66 - 0.764 proj of the NOv 16 - 25 rally from Dec 2 low
  • RES 3: $50.73 - 0.618 proj of the NOv 16 - 25 rally from Dec 2 low
  • RES 2: $50.45 - 61.8% retracement of the Jan - Apr sell-off (cont)
  • RES 1: $50.00 - Psychological round number
  • PRICE: $49.49 @ 06:53 GMT Dec 4
  • SUP 1: $47.67 - Low Dec 3
  • SUP 2: $46.82 - Low Dec 2 and the bear trigger
  • SUP 3: $45.97 - 20-day EMA
  • SUP 4: $44.21 - Low Nov 20

Brent futures resumed their uptrend yesterday clearing resistance at $49.00, Nov 26 high. The break higher maintains the price sequence of higher highs and higher lows that defines an uptrend with moving average studies also in a bull mode condition. The focus is on $50.00 and $50.45, 61.8% retracement of the Jan - Apr sell-off (cont). On the downside, firm support lies at $46.82, low Dec 2.

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