(G4) Corrective Cycle Remains In Plays

• 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: $83.16 @ 06:57 GMT Nov 30
• 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

Brent futures have traded higher this week, however, recent gains are considered corrective. Attention is on the key short-term resistance at $83.97, the Nov 14 high. A break of this hurdle would be seen as a bullish short-term development and signal scope for a stronger recovery near-term. This would open $87.12, the Nov 3 high. On the downside, a resumption of bearish activity would refocus attention on the bear trigger at $76.71, the Nov 16 low.