(H4)Trades Through The 50-Day EMA

• 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: $79.72 @ 07:01 GMT Dec 28
• 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.