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Fed Path Unwinds Initial Dip Lower On Powell


Retreats From Resistance

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ICE BRENT: (Z17) $57.28 Resistance........>

OIL TECHS: ICE BRENT: (Z17) $57.28 Resistance Remains Key
*RES 4: $58.34 - High Sept 27 
*RES 3: $58.13 - Bollinger band top 
*RES 2: $57.28 - Hourly support Sept 28 now resistance 
*RES 1: $57.09 - High Oct 11
*PRICE: $56.51 @ 0250GMT
*SUP 1: $55.88 - Low Oct 12 
*SUP 2: $55.55 - Hourly support Oct 9 
*SUP 3: $55.06 - Low Oct 9 
*SUP 4: $54.61 - Low Sept 15
*COMMENTARY: The $57.28 resistance remains key with bulls needing a close above
$57.28 to confirm focus on $58.34-88 where Sept highs are located. Bears take
comfort in failures ahead of $57.28 but now need a close below $55.88 to see
pressure back on $55.06 with a close below then targeting $53.28-54.20 where the
daily bull channel base, 55 ($53.92) and 200 ($53.34) DMAs are situated.

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