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(H3) Extends This Week’s Bounce

BRENT TECHS
  • 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: $84.62 - High Jan 12
  • PRICE: $83.80 @ 07:05 GMT Jan 13
  • SUP 1: $81.91/77.61 - 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 again Thursday 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.

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