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(H3) Bull Cycle Extends

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: $89.18 - High Dec 1
  • PRICE: $88.06 @ 05:51 GMT Jan 24
  • SUP 1: $84.07/77.61 - 20-day EMA / 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 traded higher Monday and the contract remains closer to its recent highs. The move through resistance at $87.85, the Jan 18 high, cancels a recent bearish threat and attention turns to resistance at $89.18, the Dec 1 high. A break of this level would strengthen the case for bulls and pave the way for a climb towards $90.49, the Nov 17 high. Key short-term support to watch lies at $84.07, the 20-day EMA.

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