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(G3) Resistance At The 50-Day EMA Remains Intact

BRENT TECHS
  • 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: $89.21/37 - 50-day EMA / High Dec 1
  • PRICE: $85.99 @ 07:02 GMT Dec 5
  • SUP 1: $84.45/80.81 - 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 despite last week’s gains - the bounce is considered corrective. 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 $89.21 the 50-day EMA. It remains intact, a clear break would alter the picture.

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