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(J1) Bullish Cycle Intact

BRENT TECHS
  • RES 4: $71.75 - High Jan 8, 2020 (cont)
  • RES 3: $67.00 - Round number resistance
  • RES 2: $67.01 - 2.0% Upper Bollinger Band
  • RES 1: $66.79 - High Feb 23
  • PRICE: $65.43 @ 19:09 Feb 23
  • SUP 1: $62.09 - Low Feb 19
  • SUP 2: $60.35 - Low Dec 12
  • SUP 3: $60.02 - 20-day EMA
  • SUP 4: $58.43 - Bull channel base drawn off the Nov 2, 2020 low

The bull run in oil markets persisted Tuesday, with Brent crude futures hitting new cycle highs up at $66.79 to maintain the price sequence of higher highs and higher lows. Moving average studies remain in a bull mode too, reinforcing current trend conditions. The focus is on $67.00 next, psychological resistance ahead of the 2020 highs at $71.75. On the downside, initial firm support lies at $60.35, Feb 12 low.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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