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(H1) Still Defying Gravity

BRENT TECHS
  • RES 4: $60.00 psychological round number
  • RES 3: $58.86 - 2.00 proj of the Nov 13 - 26 rally from Dec 2 low
  • RES 2: $58.59 - 76.4% of the Jan - Apr 2020 sell-off (cont)
  • RES 1: $57.44 - 1.764 proj of the Nov 13 - 26 rally from Dec 2 low
  • PRICE: $57.20 @ 06:57 GMT Jan 13
  • SUP 1: $54.99 Low Jan 11
  • SUP 2: $53.94/52.46 - Jan 7 low / High Dec 18
  • SUP 3: $50.56 - Low Jan 4
  • SUP 4: $49.29 - Low Dec 21/23 and key support

Brent futures remain bullish. Futures traded higher again yesterday and have pushed higher overnight. This reinforces the uptrend and maintains a bullish price sequence of higher highs and higher lows. A positive theme follows last week's breach of $52.46, Dec 18 high that confirmed a resumption of the underlying uptrend. The focus is on $57.44 and $58.86, both Fibonacci projections. Initial support lies at $54.99.

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