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(H2) Bullish Extension

BRENT TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $88.70 - 1.764 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $87.10 - 1.618 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $86.71 - Intraday high
  • PRICE: $86.31 @ 07:04 GMT Jan 17
  • SUP 1: $83.52 - Low Jan 12
  • SUP 2: $80.50/49 - Low Jan 10 / 20-day EMA
  • SUP 3: $77.04 - Low Jan 3 and key support
  • SUP 4: $75.38 - Low Dec 27

Brent futures remain in an uptrend and last week’s strong gains resulted in a break of key resistance at $83.69, Oct 10 high. This confirmed a resumption of the broader uptrend and with the contract higher again today, the focus is on $87.10 next, a Fibonacci projection. Moving average conditions are also in a bull mode, highlighting the current positive sentiment. Initial frim support to watch is at $83.52, the Jan 12 low.

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