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(G3) Bearish Outlook

  • RES 4: $97.85 - High Nov 7 and a key resistance
  • RES 3: $95.38 - High Nov 14
  • RES 2: $91.63 - High Nov 17
  • RES 1: $88.95/89.37 - 50-day EMA / High Dec 1
  • PRICE: $83.40 @ 07:00 GMT Dec 6
  • SUP 1: $80.81 - Low Nov 30 / 28
  • SUP 2: $79.68 - Low Sep 26 and the bear trigger
  • SUP 3: $77.04 - Low Jan 1 (cont)
  • SUP 4: $75.75 - Low Dec 27 2021 (cont)

The trend condition in Brent futures is bearish and yesterday’s strong sell-off reinforces this condition. Price has recently pierced support at $82.30, the Nov 21 low. A clear breach of this level would expose key support and the bear trigger at $79.68, the Sep 26 low. Moving averages are in a bear mode position, highlighting bearish sentiment. Resistance is at $88.95, the 50-day EMA. It remains intact, a clear break would alter the picture.

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