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(G4) Bearish Outlook

BRENT TECHS
  • RES 4: $91.04 - High Oct 20
  • RES 3: $88.55 - High Oct 27
  • RES 2: $87.12 - High Nov 3
  • RES 1: $83.62 - High Nov 14 and key short-term resistance
  • PRICE: $81.62 @ 06:53 GMT Nov 29
  • SUP 1: $76.71 - Low Nov 16
  • SUP 2: $75.07 - 76.4% retracement of the May 4 - Sep 15 bull run
  • SUP 3: $73.50 - Low Jul 6
  • SUP 4: $71.45 - Low Jun 23

A bearish theme in Brent futures remains intact and recent gains still appear to have been a correction. Moving average studies are in a bear-mode position, highlighting a downtrend and price remains below both the 20- and 50-day EMAs. The focus is on $76.71 next, a Fibonacci retracement. A break of this level would strengthen the bearish threat. The bear trigger is $76.60, the Nov 8 low. Key short-term resistance is at $83.97, the Nov 14 high.

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