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(G3) Testing The 20-Day EMA

  • RES 4: $91.63 - High Nov 17
  • RES 3: $89.37 - High Dec 1
  • RES 2: $86.24 - 50-day EMA
  • RES 1: $82.87/83.18 - 20-day EMA / High Dec 15
  • PRICE: $81.21 @ 07:01 GMT Dec 16
  • SUP 1: $78.10/75.11 - Low Dec 13 / 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

Brent futures are holding on to the bulk of this week’s gains following a recent extension of the current corrective cycle. Price has tested resistance at $82.87, the 20-day EMA. A break of this level would signal potential for a stronger recovery and open the 50-day EMA, at $86.24. The broader trend outlook is bearish. A reversal lower would signal the end of the correction and refocus attention on Friday’s low of $75.11 - the bear trigger.

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