(H1) Trading Below Recent Highs

• RES 4: $54.26 - 1.236 proj of the Nov 13 - 26 rally from Dec 2 low
• RES 3: $52.84 - 1.000 proj of the Nov 13 - 26 rally from Dec 2 low
• RES 2: $52.46 - High Dec 18 and bull trigger
• RES 1: $52.05 - High Dec 28
• PRICE: $51.277 @ 07:20 GMT Dec 29
• SUP 1: $49.29 - Low Dec 21/23
• SUP 2: $48.12 - Low Dec 8 and key support
• SUP 3: $47.43/46.81 - 50-day EMA / Low Dec 2
• SUP 4: $45.73 - High Nov 11

Brent futures started last week on a softer note trading sharply lower off the Dec 18 high of $52.46. Trend conditions are overbought and the sell-off appears to be the start of a much needed correction. The 20-day EMA at $49.77 has thus far survived a test. A break of the average and of $49.29, Dec 21/23 low would allow for a deeper pullback and open $48.12, Dec 8 low. Key resistance is $52.46, a breach would instead resume the uptrend.