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(J1) Clears The January High

BRENT TECHS
  • RES 4: $60.00 - Round number resistance
  • RES 3: $59.71 - 1.382 proj of the Apr - Aug - Nov 2020 price swing
  • RES 2: $58.59 - 76.4% of the Jan - Apr 2020 sell-off (cont)
  • RES 1: $58.05 - High Feb 2
  • PRICE: $57.68 @ 06:39 GMT Feb 3
  • SUP 1: $55.09 - 20-day EMA
  • SUP 2: $54.40 - Low Jan 22
  • SUP 3: $52.90 - Low Jan 6
  • SUP 4: $52.18 - 50-day EMA

Brent futures started the week on a firm note and pushed higher again yesterday. Futures have cleared this year's former high of $57.31, Jan 13 high and this confirms a resumption of the broader uptrend paving the way for strength towards $58.59, a Fibonacci retracement. Key support has been defined at $54.40, Jan 22 low. A breach is required to signal a top and would allow for a deeper corrective decline.

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