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(G1) Still Trading Below Recent Highs

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: $48.03 @ 06:41 GMT Dec 3
  • SUP 1: $45.87 - Low Nov 27
  • SUP 2: $45.68 - 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 has this week entered a corrective phase and is retracing the recent uptrend plus 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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