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(H2) Clears Initial Resistance

BRENT TECHS
  • RES 4: $83.69 - High Oct 10 and a major resistance
  • RES 3: $83.11 - High Nov 10
  • RES 2: $81.17 - High Nov 24
  • RES 1: $80.55 - High Jan 4
  • PRICE: $80.13 @ 06:58 GMT Jan 5
  • SUP 1: $77.04 - Low Jan 3
  • SUP 2: $76.52 - 50-day EMA
  • SUP 3: $75.38 - Low Dec 27
  • SUP 4: $73.55 - Low Dec 22

Brent futures remain in an uptrend and recent weakness proved to be a correction. The break of resistance at $80.03, the Dec 29 high, confirms a resumption of the current bull cycle and opens $81.17, the Nov 24 high. On the downside, Monday’s low of $77.04 represents a key short-term support. A break of this level would instead suggest scope for a deeper corrective pullback.

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