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(H2) Bullish Outlook

BRENT TECHS
  • RES 4: $90.00 - Psychological round number
  • RES 3: $87.10 - 1.618 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $85.80 - 1.50 proj of the Dec 2 - 9 - 20 price swing
  • RES 1: $85.21 - High Jan 12
  • PRICE: $84.74 @ 06:57 GMT Jan 14
  • SUP 1: $80.50/79.42 - Low Jan 10 / 20-day EMA
  • SUP 2: $77.04 - Low Jan 3 and key support
  • SUP 3: $75.38 - Low Dec 27
  • SUP 4: $74.75 - Low Dec 23

Brent futures remain in an uptrend and this week’s strong gains have resulted in a break of key resistance at $83.69, Oct 10 high. This confirms a resumption of the broader uptrend and paves the way for a climb towards $85.80 next, a Fibonacci projection. Moving average conditions are in a bull mode, highlighting the current positive sentiment. Initial frim support to watch is at $80.50, the Jan 10 low.

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