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(G2) Bullish Theme Intact

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: $76.92 - 50-day EMA
  • PRICE: $74.57 @ 07:02 GMT Dec 14
  • 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 in a consolidation mode. The outlook remains bullish though and the focus is on last week’s high of $76.70 on Dec 9. The rally last week confirmed an inverted head and shoulders reversal on the 60-min chart, suggesting scope for stronger gains near-term. Attention is on $76.92, the 50-day EMA where a clear break would signal scope for astonger recovery. Initial support is at $73.20, the Dec 3 low.

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