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(G3) Clears Key Support

BRENT TECHS
  • RES 4: $95.38 - High Nov 14
  • RES 3: $91.63 - High Nov 17
  • RES 2: $88.95/89.37 - 50-day EMA / High Dec 1
  • RES 1: $83.69 High Dec 6
  • PRICE: $79.43 @ 06:59 GMT Dec 7
  • SUP 1: $78.70 - Low Dec 6
  • SUP 2: $77.04 - Low Jan 1 (cont)
  • SUP 3: $75.75 - Low Dec 27 2021 (cont)
  • SUP 4: $72.33 - 1.00 proj of the Nov 7 - 28 - Dec 1 price swing

The trend condition in Brent futures is bearish and yesterday’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 $77.04, the Jan 1 low (cont). Key resistance is at $88.57, the 50-day EMA.

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