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(G2) Approaching Last Week’s High

BRENT TECHS
  • RES 4: $84.66 - High Oct 26 and key resistance
  • RES 3: $81.88 - High Nov 24
  • RES 2: $80.42 - High Nov 26
  • RES 1: $77.02 - 50-day EMA
  • PRICE: $76.28 @ 06:58 GMT Dec 13
  • SUP 1: $73.20 - Low Dec 7
  • SUP 2: $69.24/65.72 - Low Dec 3 / Low Dec 2 and the bear trigger
  • SUP 3: $62.95 - Low Aug 23 and a key support
  • SUP 4: $62.54 - Low May 21

Brent futures are firmer this morning and approaching last week’s high of $76.70 on Dec 9. Last week’s rally confirmed an inverted head and shoulders reversal on the 60-min chart, suggesting scope for stronger gains near-term. The move higher though is considered corrective and this is allowing a recent oversold condition to unwind. Attention is on $77.02, the 50-day EMA. Initial support is at $73.20, the Dec 3 low.

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