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(G2) Bearish Threat Remains Present

BRENT TECHS
  • RES 4: $81.88 - High Nov 24
  • RES 3: $80.42 - High Nov 26
  • RES 2: $76.49/70 -50-day EMA / High Dec 9
  • RES 1: $74.68 20-day EMA
  • PRICE: $72.17 @ 06:59 GMT Dec 21
  • SUP 1: $69.24 - Low Dec 3
  • SUP 2: $65.72 - 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 started the week on a bearish note - futures cleared support at $72.50, Dec 15 low yesterday and confirmed an extension of the pullback from $76.70, the Dec 9 high. The move lower has exposed $69.24, the Dec 3 low where a break would pave the way for a retest of key support at $65.72, Dec 2 low. On the upside, initial resistance is seen at $74.68, the 20-day EMA. A breach would ease the current bearish threat.

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