(H3) Bear Threat Remains Present

• RES 4: $90.49 - High Nov 17
• RES 3: $89.18 - High Dec 1 and a key resistance
• RES 2: $87.00 - High Jan 3
• RES 1: $81.74/83.82 - 20- and 50-day EMA values
• PRICE: $79.40 @ 07:00 GMT Jan 10
• SUP 1: $77.61 - Low Jan 5
• SUP 2: $75.64 - Low Dec 9 and the bear trigger
• SUP 3: $73.73 - 1.00 proj of the Nov 7 - 28 - Dec 1 price swing
• SUP 4: $69.28 - Low Dec 20 2021 (cont)

Brent futures remain bearish following the sharp sell-off on Jan 3 and 4. A resumption of weakness would expose $75.64, the Dec 9 low and bear trigger, where a break would confirm a resumption of the downtrend that started on Nov 7. This would pave the way for weakness towards $75.00 and below. On the upside, key resistance has been defined at $87.00, the Jan 3 high.