(G2) Remains Below Key Short-Term Resistance

• RES 4: $81.88 - High Nov 24
• RES 3: $80.42 - High Nov 26
• RES 2: $76.17/70 -50-day EMA / High Dec 9
• RES 1: $75.79 Intraday high
• PRICE: $75.37 @ 06:56 GMT Dec 23
• 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 but the contract has recovered from that day’s low of $69.28. A bearish threat remains present though despite recent gains - futures have recently cleared support at $72.50, Dec 15 low and confirmed an extension of the pullback from $76.70, Dec 9 high. A break of $69.28 would open $65.72, the Dec 2 low. Key resistance is at $76.70, the Dec 9 high. A break would alter the picture.