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BRENT TECHS: (H5) Holding On To Its Recent Gains

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: $76.89 - Intraday high       
  • PRICE: $76.30 @ 07:09 GMT Jan 6 
  • SUP 1: $74.72- Low Jan 2    
  • SUP 2: $73.64 - 20-day EMA 
  • SUP 3: $71.59 - Low Dec 20
  • SUP 4: $70.52 - Low Dec 6 

Brent futures traded higher last week and the contract is holding on to its latest gains. Price has breached $74.45, the Nov 22 high. Note too that resistance at $75.43, has also been cleared. A continuation higher would refocus attention on key resistance at $79.50, the Oct 7 high. For bears, a reversal lower would open $73.65, the 20-day EMA. A clear break of this average would highlight a stronger reversal and expose $71.59, Dec 20 low.

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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: $76.89 - Intraday high       
  • PRICE: $76.30 @ 07:09 GMT Jan 6 
  • SUP 1: $74.72- Low Jan 2    
  • SUP 2: $73.64 - 20-day EMA 
  • SUP 3: $71.59 - Low Dec 20
  • SUP 4: $70.52 - Low Dec 6 

Brent futures traded higher last week and the contract is holding on to its latest gains. Price has breached $74.45, the Nov 22 high. Note too that resistance at $75.43, has also been cleared. A continuation higher would refocus attention on key resistance at $79.50, the Oct 7 high. For bears, a reversal lower would open $73.65, the 20-day EMA. A clear break of this average would highlight a stronger reversal and expose $71.59, Dec 20 low.