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(H1) Bullish Theme Remains Intact

BRENT TECHS
  • RES 4: $58.59 - 76.4% of the Jan - Apr 2020 sell-off (cont)
  • RES 3: $57.44 - 1.764 proj of the Nov 13 - 26 rally from Dec 2 low
  • RES 2: $56.56 - 1.618 proj of the Nov 13 - 26 rally from Dec 2 low
  • RES 1: $56.39 - High Jan 11
  • PRICE: $55.85 @ 06:45 GMT Jan 12
  • SUP 1: $53.94/52.46 - Jan 7 low / High Dec 18
  • SUP 2: $50.56 - Low Jan 4
  • SUP 3: $49.29 - Low Dec 21/23 and key support
  • SUP 4: $49.25/48.12 - 50-day EMA / Low Dec 8

Brent futures remain bullish. Futures traded higher Friday and edged to a new high yesterday before pulling back. Last week's breach of $52.46, Dec 18 high confirmed a resumption of the underlying uptrend. Scope is seen for a climb towards $56.56 next, a Fibonacci projection. Support levels to watch today lie at $53.94, Jan 7 low and $52.46. A deeper pullback would signal the start of a corrective phase.

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