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(G4) Watching Resistance

BRENT TECHS
  • RES 4: $87.12 - High Nov 3
  • RES 3: $87.00 - Round number resistance
  • RES 2: $84.61 - High Nov 30 and key short-term resistance
  • RES 1: $80.56 - 50-day EMA
  • PRICE: $79.69 @ 06:56 GMT Dec 21
  • SUP 1: $75.76 - Low Dec 18
  • SUP 2: $72.29/71.45 - Low Dec 13 and the bear trigger / Low Jun 23
  • SUP 3: $69.86 - Low May 4 and a key support
  • SUP 4: $66.90 - 1.236 proj of the Oct 20 - Nov 16 - 30 price swing

Brent futures traded high again Wednesday, extending the current corrective cycle. Resistance to watch is $80.56, the 50-day EMA. A clear break of this EMA is required to signal a stronger reversal. On the downside, a reversal lower would signal the end of the correction and refocus attention of the key support and bear trigger at $72.29, the Dec 13 low. A break of this level would open $71.45 nex, the Jun 23 low.

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