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(G3) Bearish Price Action

BRENT TECHS
  • RES 4: $95.38 - High Nov 14
  • RES 3: $91.63 - High Nov 17
  • RES 2: $88.13/89.37 - 50-day EMA / High Dec 1
  • RES 1: $83.69 High Dec 6
  • PRICE: $78.27 @ 06:57 GMT Dec 8
  • SUP 1: $76.91 - Low Dec 7
  • SUP 2: $76.35 - 0.764 proj of the Nov 7 - 28 - Dec 1 price swing
  • SUP 3: $72.33 - 1.00 proj of the Nov 7 - 28 - Dec 1 price swing
  • SUP 4: $69.28 - Low Dec 20 2021 (cont)

The trend condition in Brent futures is bearish and this week’s strong sell-off reinforces this condition. Price has cleared key support at $79.68, the Sep 26 low and a bear trigger. The break confirms a resumption of the broader downtrend. Moving averages are in a bear mode position, highlighting bearish sentiment. The focus is on $76.35, a Fibonacci projection. Key resistance is at $88.13, the 50-day EMA.

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