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(H2) Outlook Remains Bullish

BRENT TECHS
  • RES 4: $93.89 - 2.236 proj of the Dec 2 - 9 - 20 price swing
  • RES 3: $91.29 - 2.00 proj of the Dec 2 - 9 - 20 price swing
  • RES 2: $90.00 - Psychological round number
  • RES 1: $89.50 - High Jan 19
  • PRICE: $88.40 @ 06:58 GMT Jan 24
  • SUP 1: $85.71/83.52 - Low Jan 24 / Low Jan 12
  • SUP 2: $83.37/80.50 - 20-day EMA / Low Jan 10
  • SUP 3: $80.06 - 50-day EMA
  • SUP 4: $77.04 - Low Jan 3 and key support

Brent futures remain below recent highs. A short-term pullback is considered corrective with trend conditions still bullish. Recent gains through key resistance at $83.69, Oct 10 high confirmed a resumption of the broader uptrend and a bullish price sequence of higher highs and higher lows remains intact. The focus is on the $90.00 handle next, a Fibonacci projection. Initial firm support to watch is at $85.71, the Jan 21 low.

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