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(H4) Remains Below Key Short-Term Resistance

BRENT TECHS
  • RES 4: $86.50 - High Nov 3
  • RES 3: $85.00 - Round number resistance
  • RES 2: $84.22 - High Nov 30
  • RES 1: $81.45 - High Dec 26 and key short-term resistance
  • PRICE: $77.46 @ 06:50 GMT Dec 29
  • 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 have pulled back from Tuesday’s high of $81.45 and this level represents a key short-term resistance. The reversal means that price has not remained above the 50-day EMA. This suggests that the corrective cycle between Dec 13 - 26 is over. The primary trend direction is down and a continuation lower would open $72.67, the Dec 13 low and bear trigger. Clearance of $81.45 is required to reinstate a bullish theme.

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