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(H3) Bullish Focus

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: $87.75 @ 07:00 GMT Jan 27
  • SUP 1: $84.73/77.61 - 20-day EMA / 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 have recovered from Wednesday’s low of $85.41. The recent move through resistance at $87.85, the Jan 18 high, is a bullish development and cancels a recent bearish threat. Attention is on $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 $84.73, the 20-day EMA.

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