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(J1) Defies Overbought Signals

BRENT TECHS
  • RES 4: $71.75 - High Jan 8, 2020 (cont)
  • RES 3: $70.30 - 23.6% Projection of February Rally
  • RES 2: $67.74 - 2.0% Upper Bollinger Band
  • RES 1: $67.30 - High Feb 24
  • PRICE: $67.07 @ 19:09 Feb 24
  • 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 is still firmly in control as Brent crude futures topped out at - again - new cycle highs of $67.30 on Wednesday. Markets are defying overbought signals, with the RSI once again climbing toward February's multi-decade peak. The focus is on $70.30 next, a clearance of which raises the risk of a test on the 2020 highs at $71.75.

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