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(G2) Still Vulnerable

BRENT TECHS
  • RES 4: $84.66 - High Oct 26 and the bull trigger
  • RES 3: $81.88 - High Nov 24
  • RES 2: $78.54 - 50-day EMA
  • RES 1: $74.35/76.82 - High Nov 30 / Low Nov 22
  • PRICE: 69.84 @ 06:48 GMT Dec 2
  • SUP 1: $67.45 - Low Nov 30
  • SUP 2: $66.67 - Aug 24 low
  • SUP 3: $62.95 - Low Aug 23 and a key support
  • SUP 4: $62.54 - Low May 21

Brent futures remain vulnerable. The contract on Nov 26, cleared former support at $76.82, Nov 22 low to strengthen the current bearish condition and this week’s follow through has reinforced this theme. The break lower also marks an extension of the current bearish price sequence of lower lows and lower highs. Attention is on $66.67 next, the Aug 24 low. Initial firm resistance is seen at $74.35.

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