(H1) Rallies To A Fresh High

• RES 4: $55.85 - 1.500 proj of the Nov 13 - 26 rally from Dec 2 low
• RES 3: $55.14 - 1.382 proj of the Nov 13 - 26 rally from Dec 2 low
• RES 2: $54.26 - 1.236 proj of the Nov 13 - 26 rally from Dec 2 low
• RES 1: $53.17 - Intraday high
• PRICE: $53.01 @ 06:44 GMT Jan 4
• SUP 1: $50.59 - Low Dec 28
• SUP 2: $49.29 - Low Dec 21/23 and key support
• SUP 3: $48.12 - Low Dec 8
• SUP 4: $47.89/46.81 - 50-day EMA / Low Dec 2

Brent futures have started the year on a firm note rallying to a fresh trend high with a print of $53.17. The break above $52.46, Dec 18 high confirms a resumption of the uptrend that started early Nov and also ends the recent short-lived corrective phase. The focus is on a move towards $54.26 next, a Fibonacci extension. On the downside, key trend support has been defined at $49.29, Dec 21/23 low. Initial support is at $50.59.