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(H3) Reverses Lower

BRENT TECHS
  • RES 4: $91.39 76.4% retracement of the Nov 7 - Dec 9 low
  • RES 3: $90.49 - High Nov 17
  • RES 2: $89.18 - High Dec 1 and a key resistance
  • RES 1: $86.28 - Intraday high
  • PRICE: $80.62 @ 09:03 GMT Jan 4
  • SUP 1: $80.16 - Low Jan 4
  • SUP 2: $78.76/75.64 - Low Dec 16 / 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 have fit reverse, taking out support at the late December lows. This drags the contract off recent highs and works against the current bull cycle. This week’s break may signal a potential top, opening the Dec 16 low at 78.86 as well as the bear trigger of 75.64.

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