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(G2) Trading Above The 50-Day EMA

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: $77.42 - 61.8% retracement of the Oct 26 - Dec 2 sell-off
  • PRICE: $76.52 @ 07:05 GMT Dec 24
  • 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 this week’s bullish theme following the reversal from $69.28, the Dec 20 low. Yesterday’s rally resulted in a break of resistance at $76.70 and this signals potential for an extension of the current bull cycle. Note too that the contract is trading above the 50-day EMA. This has opened $77.42, a Fibonacci retracement and $80.42, the Nov 26 high. Key support is $69.25.

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