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(H4) Watching 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: $80.75/81.45 - High Jan 12 / High Dec 26 and key resistance
  • PRICE: $80.33 @ 06:57 GMT Jan 25
  • SUP 1: $74.79 - Low Jan 03
  • 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

The trend outlook in Brent futures is unchanged and remains bearish despite recent gains. Resistance at the Jan 12 high of $80.75 is intact and price is also trading below a key short-term resistance at $81.45, the Dec 26 high. A resumption of bearish activity would open $74.79, the Jan 3 low, ahead of $72.67, the Dec 13 low and bear trigger. For bulls, clearance of $81.45 is required to signal a stronger reversal. This would open $84.22, Nov 30 high.

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