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(G2) Strong Rebound From Yesterday’s Low

BRENT TECHS
  • RES 4: $84.66 - High Oct 26 and the bull trigger
  • RES 3: $81.88 - High Nov 24
  • RES 2: $77.82 - 50-day EMA
  • RES 1: $74.35/76.82 - High Nov 30 / Low Nov 22
  • PRICE: $70.80 @ 07:01 GMT Dec 3
  • SUP 1: $65.72 - Low Dec 2
  • SUP 2: $62.95 - Low Aug 23 and a key support
  • SUP 3: $62.54 - Low May 21
  • SUP 4: $61.39 - Low Apr 21

Brent futures remain vulnerable. However yesterday’s sharp rebound from the session low highlights $65.72 as a key short-term support. The rebound suggests there is potential for a short-term recovery that would allow an oversold condition to unwind. The next firm resistance is at $74.35, Nov 30 high. On the downside a break below $65.72 would confirm a resumption of the downtrend and open $62.95.

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