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(H4) Bull Cycle Extends

BRENT TECHS
  • RES 4: $86.50 - High Nov 3
  • RES 3: $85.00 - Round number resistance
  • RES 2: $84.22 - High Nov 30 and key short-term resistance
  • RES 1: $81.45 - High Dec 26
  • PRICE: $80.95 @ 07:00 GMT Dec 27
  • SUP 1: $76.00 - Low Dec 18
  • SUP 2: $72.67/71.21 - Low Dec 13 and the bear trigger / Low Jun 23
  • SUP 3: $69.25 - Low Mar 20 and a key support
  • SUP 4: $67.84 - 1.236 proj of the Oct 20 - Nov 16 - 30 price swing

Brent futures traded higher Tuesday, starting the week on a bullish note. The latest recovery is considered corrective, however, price has traded through both the 20- and 50-day EMAs. The breach of the 50-day average, signals scope for a continuation higher. This would open $84.22, the Nov 30 high and the next key resistance. On the downside, a strong reversal lower would refocus attention on $72.67, the Dec 13 low.

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