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(G2) Testing $80/bbl Handle

BRENT TECHS
  • RES 4: $82.34 - High Nov 11
  • RES 3: $81.88 - High Nov 24
  • RES 2: $80.42 - High Nov 26
  • RES 1: $80.17 - High Dec 29
  • PRICE: $78.75 @ 11:27 GMT Dec 31
  • SUP 1: $73.62 - Low Dec 22
  • SUP 2: $69.28 - Low Dec 20
  • SUP 3: $65.72 - Low Dec 2 and the bear trigger
  • SUP 4: $62.95 - Low Aug 23 and a key support

Brent futures maintain the post-Christmas bullish theme following the reversal from $69.28, the Dec 20 low. The Dec27 rally puts a test of the $80/bbl handle within range, with an extension through here opening 80.42 and 81.88. Note too that the contract is trading above the 50-day EMA. Key support is $69.25.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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