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(H2) Bullish Extension

BRENT TECHS
  • RES 4: $84.50 - 1.382 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $84.00 - Round number resistance
  • RES 2: $83.69 - High Oct 10 and a major resistance
  • RES 1: $83.11 - High Nov 10
  • PRICE: $82.86 @ 06:43 GMT Jan 7
  • SUP 1: $79.51 - Low jan 5
  • SUP 2: $77.04 - Low Jan 3
  • SUP 3: $76.69 - 50-day EMA
  • SUP 4: $75.38 - Low Dec 27

Brent futures remain in an uptrend and this week’s gains have reinforced the current bullish theme. The break of resistance at $80.03, Dec 29 high, confirmed a resumption of the current bull cycle and has opened $83.11 next, the Nov 10 high ahead of the key resistance at $83.69, Oct 10 high. On the downside, Monday’s low of $77.04 represents the key short-term support. A break would threaten the trend.

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