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BRENT TECHS: (H5) Approaching A Firm Resistance

BRENT TECHS
Commodities TechEnergy BulletsBulletEnergy Technical AnalysisCommodities
  • RES 4: $83.79 - High Jul 5 and a key resistance 
  • RES 3: $81.35 - High Jul 18 
  • RES 2: $79.50/80.03 - High Oct 7 / 76.4% of Jul 5 - Sep 10 bear leg
  • RES 1: $75.43 - High Nov 5       
  • PRICE: $74.65 @ 07:06 GMT Dec 31 
  • SUP 1: $71.59 - Low Dec 20   
  • SUP 2: $69.45/67.85 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $67.03 - 1.764 proj of the Apr 12 - Jun 5 - Jul 5 price swing
  • SUP 4: $64.79 - 2.000 proj of the Apr 12 - Jun 4 - Jul 5 price swing

Brent futures are trading higher and have breached $74.45, the Nov 22 high. A clearer reversal higher would refocus attention on key resistance at $79.50, the Oct 7 high. The next firm resistance to watch is $75.43, the Nov 5 high. The trend outlook remains bearish and moving average studies continue to highlight a dominant downtrend. A resumption of the bear leg would open $69.45 the Oct 1 low, and $67.85, the Sep 10 low and a key support.

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  • RES 4: $83.79 - High Jul 5 and a key resistance 
  • RES 3: $81.35 - High Jul 18 
  • RES 2: $79.50/80.03 - High Oct 7 / 76.4% of Jul 5 - Sep 10 bear leg
  • RES 1: $75.43 - High Nov 5       
  • PRICE: $74.65 @ 07:06 GMT Dec 31 
  • SUP 1: $71.59 - Low Dec 20   
  • SUP 2: $69.45/67.85 - Low Oct 1 / Low Sep 10 and the bear trigger
  • SUP 3: $67.03 - 1.764 proj of the Apr 12 - Jun 5 - Jul 5 price swing
  • SUP 4: $64.79 - 2.000 proj of the Apr 12 - Jun 4 - Jul 5 price swing

Brent futures are trading higher and have breached $74.45, the Nov 22 high. A clearer reversal higher would refocus attention on key resistance at $79.50, the Oct 7 high. The next firm resistance to watch is $75.43, the Nov 5 high. The trend outlook remains bearish and moving average studies continue to highlight a dominant downtrend. A resumption of the bear leg would open $69.45 the Oct 1 low, and $67.85, the Sep 10 low and a key support.