(G3) Recovers From Recent Lows

• RES 4: $91.63 - High Nov 17
• RES 3: $86.84/89.37 - 50-day EMA / High Dec 1
• RES 2: $83.33 - 20-day EMA
• RES 1: $80.81 Low Nov 28
• PRICE: $79.15 @ 07:01 GMT Dec 13
• SUP 1: $75.11 - Low Dec 9 and the bear trigger
• SUP 2: $72.33 - 1.00 proj of the Nov 7 - 28 - Dec 1 price swing
• SUP 3: $69.28 - Low Dec 20 2021 (cont)
• SUP 4: $68.31 - 1.236 proj of the Nov 7 - 28 - Dec 1 price swing

The trend condition in Brent futures remains bearish following the recovery Monday. It is possible that a short-term correction will result in an extension higher near-term. A recovery would allow an oversold trend reading to unwind. The next resistance is at $80.81, the Nov 28 low. On the downside, last Friday’s low of $75.11 is the bear trigger. A break would confirm a resumption of the recent downtrend.