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(H3) Bearish Threat

BRENT TECHS
  • RES 4: $93.97 - High Nov 14
  • RES 3: $92.43 - High Nov 16
  • RES 2: $91.39 - 76.4% retracement of the Nov 7 - Dec 9 bear leg
  • RES 1: $89.09 - High Jan 23 and the bull trigger
  • PRICE: $84.65 @ 06:10 GMT Jan 31
  • SUP 1: $83.76/77.61 - Low Jan 19 / Low Jan 5
  • SUP 2: $82.37 - Low Jan 12
  • SUP 3: $75.64 - Low Dec 9 and the bear trigger
  • SUP 4: $73.73 - 1.00 proj of the Nov 7 - 28 - Dec 1 price swing

Brent futures traded sharply lower Monday and in the process breached support at $84.91, the 20-day EMA. The move lower undermines the recent bull theme and a continuation would expose support at $83.76, the Jan 19 low. Clearance of this level would strengthen a bearish theme and potentially expose $77.61, the Jan 5 low. On the upside, the bull trigger has been defined at $89.09, the Jan 23 high.

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