(H3) Extends This Week’s Bounce

• RES 4: $90.49 - High Nov 17
• RES 3: $89.18 - High Dec 1
• RES 2: $87.00 - High Jan 3 and a key resistance
• RES 1: $83.64 - 50-day EMA
• PRICE: $79.59 @ 06:56 GMT Jan 11
• 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 traded higher Wednesday and the contract is holding on to this week’s highs - for now. A continuation higher would refocus attention on key short-term resistance at $87.00, the Jan 3 high where a break is required to strengthen bullish conditions. The broader trend direction remains down and a reversal lower would instead highlight a resumption of the trend and this would expose the bear trigger at $75.64, the Dec 9 low.