(H2) Trend Needle Still Points North

• 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: $81.25 @ 06:57 GMT Jan 11
• SUP 1: $78.36 - 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 last week’s gains reinforced the current bullish theme. The break of resistance at $80.03, Dec 29 high, confirmed a resumption of the bull cycle and this has opened $83.11 next, the Nov 10 high ahead of the key resistance at $83.69, Oct 10 high. On the downside, the Jan 3 low of $77.04 represents the key short-term support. A break of this level would threaten the trend.